OFG BANCORP, 10-K filed on 2/27/2025
Annual Report
v3.25.0.1
COVER - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-12647    
Entity Registrant Name OFG Bancorp    
Entity Incorporation, State or Country Code PR    
Entity Tax Identification Number 66-0538893    
Entity Address, Address Line One 254 Muñoz Rivera Avenue    
Entity Address, City or Town San Juan    
Entity Address, Country PR    
Entity Address, Postal Zip Code 00918    
City Area Code 787    
Local Phone Number 771-6800    
Title of 12(b) Security Common shares, par value $1.00 per share    
Trading Symbol OFG    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1,744
Entity Common Stock, Shares Outstanding   45,393,948  
Documents Incorporated by Reference
Portions of the Company’s definitive proxy statement relating to the 2025 annual meeting of shareholders are incorporated herein by reference in response to Items 10 through 14 of Part III, except for certain information set forth herein under Item 12.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001030469    
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AUDITOR INFORMATION
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location San Juan, Puerto Rico
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Cash and cash equivalents:    
Cash and due from banks $ 584,467 $ 743,550
Money market investments 6,670 4,623
Total cash and cash equivalents 591,137 748,173
Investments:    
Trading securities, at fair value, with amortized cost of $163 (December 31, 2023 - $163) 18 13
Investment securities available-for-sale, at fair value, with amortized cost of $2,444,135 (December 31, 2023 - $2,177,761); no allowance for credit losses 2,338,205 2,099,264
Investment securities held-to-maturity, at amortized cost, with fair value of $267,174 (December 31, 2023 - $490,764); no allowance for credit losses 327,158 549,024
Equity securities 54,896 38,469
Total investments 2,720,277 2,686,770
Loans:    
Loans held-for-sale, at lower of cost or fair value 17,732 28,345
Loans held-for-investment, net of allowance for credit losses of $175,863 (December 31, 2023 - $161,106) 7,616,099 7,373,273
Total loans 7,633,831 7,401,618
Other assets:    
Foreclosed real estate 4,002 10,780
Accrued interest receivable 71,667 71,400
Deferred tax assets, net 6,248 4,923
Premises and equipment, net 104,512 104,102
Customers' liability on acceptances 31,526 25,576
Servicing assets 70,435 49,520
Goodwill 84,241 84,241
Other intangible assets 14,782 20,694
Operating lease right-of-use assets 19,197 21,725
Other assets 148,879 114,931
Total assets 11,500,734 11,344,453
Deposits:    
Demand deposits 5,627,406 6,050,428
Savings accounts 2,064,916 2,088,102
Time deposits 1,912,464 1,623,639
Total deposits 9,604,786 9,762,169
Borrowings:    
Securities sold under agreements to repurchase 75,222 0
Advances from the FHLB 325,952 200,768
Other borrowings 0 2
Total borrowings 401,174 200,770
Other liabilities:    
Acceptances executed and outstanding 31,526 25,576
Operating lease liabilities 21,388 24,029
Deferred tax liabilities, net 40,718 22,444
Accrued expenses and other liabilities 146,771 115,985
Total liabilities 10,246,363 10,150,973
Commitments and contingencies (See Note 24)
Stockholders’ equity:    
Common stock, $1 par value; 100,000,000 shares authorized; 59,885,234 shares issued: 45,440,269 shares outstanding (December 31, 2023 - 59,885,234 shares issued; 47,065,156 shares outstanding) 59,885 59,885
Additional paid-in capital 639,786 638,667
Legal surplus 169,537 150,967
Retained earnings 771,993 639,324
Treasury stock, at cost, 14,444,965 shares (December 31, 2023 - 12,820,078 shares) (296,991) (228,350)
Accumulated other comprehensive loss, net of tax of $16,091 (December 31, 2023 - $11,484) (89,839) (67,013)
Total stockholders’ equity 1,254,371 1,193,480
Total liabilities and stockholders’ equity $ 11,500,734 $ 11,344,453
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Trading securities, amortized cost $ 163 $ 163
Investment securities available-for-sale, amortized cost 2,444,135 2,177,761
Investment securities available-for-sale, allowance for credit loss 0 0
Investment securities held-to-maturity, fair value 267,174 490,764
Investment securities held-to-maturity, allowance for credit loss 0 0
Allowance for credit losses 175,863 161,106
Loans held for investment, allowance for credit losses $ 175,863 $ 161,106
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, authorized (in shares) 100,000,000 100,000,000
Common stock, issued (in shares) 59,885,234 59,885,234
Common stock, outstanding (in shares) 45,440,269 47,065,156
Treasury stock, at cost (in shares) 14,444,965 12,820,078
Accumulated other comprehensive income, tax (benefit) expense $ 16,091 $ 11,484
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income:      
Loans $ 613,602 $ 554,744 $ 460,162
Mortgage-backed securities 91,776 50,359 31,298
Investment securities and other 44,899 43,777 24,113
Total interest income 750,277 648,880 515,573
Interest expense:      
Deposits 150,280 75,965 32,239
Securities sold under agreements to repurchase 542 3,306 0
Advances from FHLB and other borrowings 11,015 8,739 733
Subordinated capital notes 0 0 521
Total interest expense 161,837 88,010 33,493
Net interest income 588,440 560,870 482,080
Provision for credit losses 82,251 60,638 24,119
Net interest income after provision for credit losses 506,189 500,232 457,961
Non-interest income:      
Banking service revenue 66,923 70,078 71,161
Wealth management revenue 35,622 32,990 32,635
Mortgage banking activities 18,636 18,787 21,929
Total banking and financial service revenues 121,181 121,855 125,725
Sale of securities (7) (1,149) (247)
Early extinguishment of debt 0 0 42
Other non-interest income 2,075 7,675 6,170
Total non-interest income 123,249 128,381 131,690
Non-interest expense:      
Compensation and employee benefits 159,710 155,827 142,930
Occupancy, equipment and infrastructure costs 59,123 59,235 51,308
Electronic banking charges 42,816 41,336 39,554
Information technology expenses 27,582 27,162 21,891
Professional and service fees 18,876 18,764 24,842
Taxes, other than payroll and income taxes 13,949 12,968 12,999
Insurance 11,252 10,494 9,898
Loan servicing and clearing expenses 7,935 7,774 9,161
Advertising, business promotion, and strategic initiatives 9,714 8,743 8,240
Communication 4,551 4,678 4,296
Printing, postage, stationery and supplies 3,816 3,338 3,563
Foreclosed real estate and other repossessed assets expenses, net of (income) 3,012 (405) (2,074)
Other 13,354 13,451 18,938
Total non-interest expense 375,690 363,365 345,546
Income before income taxes 253,748 265,248 244,105
Income tax expense 55,578 83,376 77,866
Net income available to common shareholders $ 198,170 $ 181,872 $ 166,239
Earnings per common share:      
Basic (in dollars per share) $ 4.25 $ 3.85 $ 3.46
Diluted (in dollars per share) $ 4.23 $ 3.83 $ 3.44
Average common shares outstanding and equivalents (in shares) 46,902 47,552 48,436
Cash dividends per share of common stock (in dollars per share) $ 1.00 $ 0.88 $ 0.70
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 198,170 $ 181,872 $ 166,239
Other comprehensive (loss) income before tax:      
Unrealized (loss) gain on securities available-for-sale (27,440) 30,390 (117,575)
Realized loss on sale of securities available-for-sale 7 1,149 247
Unrealized (loss) gain on cash flow hedges 0 (406) 1,210
Other comprehensive (loss) income before taxes (27,433) 31,133 (116,118)
Income tax effect 4,607 (4,737) 17,549
Other comprehensive (loss) income after taxes (22,826) 26,396 (98,569)
Comprehensive income $ 175,344 $ 208,268 $ 67,670
v3.25.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common stock
Additional paid-in capital
Legal surplus
Retained earnings
Treasury stock
Accumulated other comprehensive (loss) income, net of tax
Balance at beginning of period at Dec. 31, 2021     $ 637,061 $ 117,677 $ 399,949 $ (150,572) $ 5,160
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stock-based compensation expense     4,185        
Lapsed restricted stock units     (4,453)     3,547  
Transfer from retained earnings       16,224      
Net income $ 166,239       166,239    
Cash dividends declared on common stock [1]         (33,593)    
Transfer to legal surplus 16,200       (16,224)    
Stocks repurchased (64,110)         (64,110)  
Lapsed restricted stock units and options     (4,453)     3,547  
Other comprehensive (loss) gain, net of tax (98,569)           (98,569)
Balance at end of period at Dec. 31, 2022 1,042,406 $ 59,885 636,793 133,901 516,371 (211,135) (93,409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stock-based compensation expense     5,001        
Lapsed restricted stock units     (3,127)     1,438  
Transfer from retained earnings       17,066      
Net income 181,872       181,872    
Cash dividends declared on common stock [1]         (41,853)    
Transfer to legal surplus 17,100       (17,066)    
Stocks repurchased (18,653)         (18,653)  
Lapsed restricted stock units and options     (3,127)     1,438  
Other comprehensive (loss) gain, net of tax 26,396           26,396
Balance at end of period at Dec. 31, 2023 1,193,480 $ 59,885 638,667 150,967 639,324 (228,350) (67,013)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stock-based compensation expense     7,170        
Lapsed restricted stock units     (6,051)     1,683  
Transfer from retained earnings       18,570      
Net income 198,170       198,170    
Cash dividends declared on common stock [1]         (46,931)    
Transfer to legal surplus 18,600       (18,570)    
Stocks repurchased (70,324)         (70,324)  
Lapsed restricted stock units and options     (6,051)     1,683  
Other comprehensive (loss) gain, net of tax (22,826)           (22,826)
Balance at end of period at Dec. 31, 2024 $ 1,254,371   $ 639,786 $ 169,537 $ 771,993 $ (296,991) $ (89,839)
[1] Dividends declared per common share during the 2024 - $1.00 (2023 - $0.88; 2022- $0.70).
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]            
Dividends declared per common share (in dollars per share) $ 0.25 $ 0.25 $ 0.22 $ 1.00 $ 0.88 $ 0.70
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 198,170 $ 181,872 $ 166,239
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of deferred loan origination fees, net of costs, and fair value premiums on loans 2,658 1,339 683
Accretion of investment securities discounts, net of amortization of premiums (6,715) (4,451) (3,628)
Amortization of other intangible assets 5,912 6,899 8,500
Net change in operating leases (113) 297 360
Depreciation and amortization of premises and equipment 20,875 20,387 15,812
Deferred income tax expense, net 21,561 67,349 61,126
Provision for credit losses 82,251 60,638 24,119
Stock-based compensation 7,170 5,001 4,185
(Gain) loss on:      
Sale of securities 7 1,149 247
Sale of loans (1,377) (7,331) (1,202)
Early extinguishment of debt 0 0 (42)
Foreclosed real estate and other repossessed assets (557) (6,251) (12,186)
Sale of other assets (1) 106 (4,962)
Originations and purchases of loans held-for-sale (122,999) (67,941) (185,884)
Proceeds from sale of loans held-for-sale 80,953 35,881 97,608
Net decrease (increase) in:      
Accrued interest receivable (250) (8,938) (5,825)
Servicing assets 533 1,401 (1,948)
Other assets (31,339) 4,971 35,371
Net (decrease) increase in:      
Accrued interest on deposits and borrowings 520 3,000 34
Accrued expenses and other liabilities (4,759) 279 (34,151)
Net cash provided by operating activities 252,500 295,657 164,456
Purchases of:      
Investment securities available-for-sale (1,325,554) (1,035,453) (1,266,569)
Investment securities held-to-maturity 0 (35,000) (196,742)
Mortgage servicing rights (20,377) 0 0
FHLB stock (77,066) (44,781) (122)
Equity securities (6,635) (5,943) (4,550)
Maturities and redemptions of:      
Investment securities available-for-sale 990,954 273,643 132,756
Investment securities held-to-maturity 222,054 22,265 29,438
FHLB stock 67,274 36,298 83
Proceeds from sales of:      
Investment securities available-for-sale 149,406 202,133 242,126
Foreclosed real estate and other repossessed assets, including write-offs 48,178 60,085 48,805
Premises and equipment 1 38 4,784
Other assets 0 0 1,060
Origination and purchase of loans, excluding loans held-for-sale (2,970,598) (3,586,017) (2,885,018)
Principal repayment of loans 2,607,720 2,725,844 2,412,011
Additions to premises and equipment (21,336) (17,857) (30,999)
Net cash used in investing activities (335,979) (1,404,745) (1,512,937)
Net (decrease) increase in:      
Deposits (153,217) 1,195,080 6,906
Securities sold under agreements to repurchase 75,000 0 0
Subordinated capital notes 0 0 (34,958)
FHLB advances and other borrowings 124,998 173,070 (1,547)
Exercise of stock options and restricted units lapsed, net (4,368) (1,689) (906)
Purchase of treasury stock (70,324) (18,653) (64,110)
Dividends paid on common stock (45,646) (41,011) (30,090)
Net cash (used in) provided by financing activities (73,557) 1,306,797 (124,705)
Net change in cash and cash equivalents (157,036) 197,709 (1,473,186)
Cash and cash equivalents at beginning of year 748,173 550,464 2,023,650
Cash and cash equivalents at end of year 591,137 748,173 550,464
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Statements of Financial Condition:      
Cash and due from banks 584,467 743,550 546,146
Money market investments 6,670 4,623 4,161
Restricted cash 0 0 157
Total cash and cash equivalents at end of year 591,137 748,173 550,464
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities:      
Interest paid 156,788 79,726 26,959
Income taxes paid 40,071 15,007 5,126
Operating lease liabilities paid 9,587 10,117 10,107
Mortgage loans held-for-sale securitized into mortgage-backed securities 74,660 93,565 126,082
Transfer from loans to foreclosed real estate and other repossessed assets 44,755 53,400 37,233
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio 34,684 53,021 17,476
Reclassification of loans held-for-sale portfolio to held-for-investment portfolio 13,622 8,763 22,723
Financed sales of foreclosed real estate 1,349 585 1,767
Delinquent loans booked under the GNMA buy-back option 48,586 19,401 32,590
Conversion of debt security to equity security $ 0 $ 376 $ 1,500
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of OFG conform with GAAP and to banking industry practices. The following is a description of OFG’s most significant accounting policies:
Nature of Operations
OFG is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. OFG operates through various subsidiaries including, a commercial bank, the Bank, a securities broker-dealer and investment adviser, Oriental Financial Services, an insurance agency, Oriental Insurance, a captive reinsurance company, OFG Reinsurance, and OFG Ventures, which holds investments. Through these subsidiaries and their respective divisions, OFG provides a wide range of banking and financial services such as commercial, consumer, auto and mortgage lending, financial planning, insurance sales, investment advisory and securities brokerage services, as well as corporate trust services. Effective December 31, 2022, OFG sold its retirement plan administration business, which was operated under a retirement plan administrator, OPC, which thereafter ceased its operations. The results for the year 2022 included OPC operations.
OFG conducts its business through its main office in San Juan, Puerto Rico, forty-two branches in Puerto Rico and two branches in the USVI. OFG has three subsidiaries with operations in Puerto Rico: the Bank, Oriental Financial Services and Oriental Insurance; one subsidiary in the United States, OFG Ventures; and a subsidiary in the Cayman Islands, OFG Reinsurance. OFG is subject to supervision and regulation by the Federal Reserve Board under the U.S. Bank Holding Company Act of 1956, as amended, and the Dodd-Frank Act.
The Bank is subject to the supervision, examination and regulation of the Office of the OCFI and the FDIC. During 2024, the Bank became subject to the CFPB supervisory and enforcement authority with respect to consumer financial laws. The Bank has a wholly owned operating subsidiary, OFG USA, which is a commercial lender organized in Delaware. OIB, a wholly owned subsidiary of the Bank, and Oriental Overseas, a division of the Bank, are IBEs licensed pursuant to the International Banking Center Regulatory Act of Puerto Rico, as amended. OIB and Oriental Overseas offer the Bank certain Puerto Rico tax advantages. Their activities are limited under Puerto Rico law to persons located in Puerto Rico with assets/liabilities located outside of Puerto Rico. In March 2024, the Bank organized OBPEF, as a wholly owned subsidiary of the Bank and a private equity fund under the Incentives Code, as amended, whose objective is to provide financing to eligible borrowers, whether in the form of senior or subordinated debt, to support the economic development of Puerto Rico. The Bank’s USVI operations are also subject to the supervision, examination and regulation of the USVI Banking Board.
Oriental Financial Services is registered as a securities broker-dealer and as an investment adviser, and is subject to the supervision, examination and regulation of the FINRA, the SEC, and the OCFI. Oriental Financial Services is also a member of the Securities Investor Protection Corporation. Oriental Insurance is an insurance agency and is subject to the supervision, examination and regulation of the Office of the Commissioner of Insurance of Puerto Rico. OFG Reinsurance is subject to regulation by the CIMA.
OFG’s mortgage banking activities are conducted through a division of the Bank. The mortgage banking activities include the origination of mortgage loans for the Bank’s own portfolio, the sale of loans directly in the secondary market or the securitization of conforming loans into mortgage-backed securities, and the purchase or assumption of the right to service loans originated by others. The Bank originates FHA insured and VA guaranteed mortgages that are primarily securitized for issuance of GNMA mortgage-backed securities which can be resold to individual or institutional investors in the secondary market. Conventional loans that meet the underwriting requirements for sale or exchange under certain FNMA or FHLMC programs are referred to as conforming mortgage loans and are also securitized for issuance of FNMA or FHLMC mortgage-backed securities. The Bank is an approved seller of FNMA mortgage loans for issuance of FNMA mortgage-backed securities. The Bank is also an approved issuer of GNMA mortgage-backed securities. The Bank is the master servicer of its mortgage loan portfolio and the GNMA, FNMA and FHLMC pools that it issues. Through December 31, 2022, the Bank had a subservicing arrangement with a third party for a portion of its acquired loan portfolio. This subservicing arrangement expired on May 1, 2023, and since then, OFG no longer has any subservicing arrangements for its loan portfolio.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of OFG Bancorp and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate mainly to the determination of the ACL, the valuation of securities, the determination of income taxes, impairment of securities, and goodwill valuation and impairment assessment.
Earnings per Common Share
Basic earnings per share is calculated by dividing income available to common shareholders by the weighted average of outstanding common shares. Diluted earnings per share is similar to the computation of basic earnings per share except that the weighted average of common shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares underlying stock options and restricted units had been issued, assuming that proceeds from exercise are used to repurchase shares in the market (treasury stock method). Any dividends are retroactively recognized in all periods presented in the consolidated financial statements.
Cash Equivalents
OFG considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less.
Investment Securities
OFG classifies its investments in debt securities into one of three categories:
Held-to-maturity - Securities that management has the intent and ability to hold to maturity. These securities are carried at amortized cost. An ACL is established for the expected credit losses over the remaining term of debt securities held to maturity. OFG’s portfolio of held to maturity securities is comprised of obligations from the U.S. Government. These securities have an explicit or implicit guarantee from the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Other debt securities held to maturity are securities issued by a public corporation and governmental instrumentality of the Commonwealth of Puerto Rico, and guaranteed by such agency with no history of credit losses. Accordingly, OFG applies a zero-credit loss assumption and no ACL for these securities has been established. OFG monitors its securities portfolio composition and credit performance on a quarterly basis to determine if any allowance is considered necessary.
Available-for-sale - Securities to be held for indefinite periods of time. These securities are carried at fair value. Declines in fair value below the securities’ amortized cost which are not related to estimated credit losses are recorded through other comprehensive income or loss, net of taxes. If OFG intends to sell or believes it is more likely than not that it will be required to sell the debt security, it is written down to fair value through earnings. Credit losses relating to available-for-sale debt securities are recorded through an ACL, which are limited to the difference between the amortized cost and the fair value of the asset. The ACL is established for the expected credit losses over the remaining term of debt security. OFG’s portfolio of AFS securities is comprised mainly of US Treasury securities and obligations from the U.S. Government. These securities have an explicit or implicit guarantee from the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Accordingly, OFG applies a zero-credit loss assumption and no ACL for these securities has been established. OFG monitors its securities portfolio composition and credit performance on a quarterly basis to determine if any allowance is considered necessary. Debt securities available-for-sale are written-off when a portion or the entire amount is deemed uncollectible, based on the information considered to develop expected credit losses through the life of the asset. The specific identification method is used to determine realized gains and losses on debt securities available-for-sale, which are included in net gain (loss) on sale of securities in the consolidated statements of operations.
Trading - Securities held for resale in anticipation of short-term market movements. These securities are carried at fair value, with changes in unrealized holding gains and losses included in non-interest income in the consolidated statements of operations. Management determines the appropriate classification of securities at the time of purchase.
Premiums and discounts are amortized to interest income over the life of the related securities using the interest method. Net realized gains or losses on sales of investment securities and unrealized gains and losses valuation adjustments considered other than temporary, if any, on securities classified as either available-for-sale or held-to-maturity are reported separately in the consolidated statements of operations. Purchases and sales of securities are recorded at trade date. The cost of securities sold is determined by the specific identification method.
Equity securities do not have readily available fair values and are measured at cost, less any impairment. Impairment is reviewed on a quarterly basis through a qualitative assessment from financial and non-financial information received from the individual investment funds and companies. As of December 31, 2024 and 2023 and for the years then ended, there were no impairments, downward or upward adjustments, annual or on a cumulative basis for these investments. Stock that is owned by OFG to comply with regulatory requirements, such as FHLB stock, is included in this category, and their realizable value equals their cost. Unrealized and realized gains and losses and any impairment on equity securities are included in net gain (loss) in the consolidated statements of operations. Dividend income from investments in equity securities is included in interest income in the consolidated statements of operations.
Financial Instruments
Certain financial instruments, including trading securities, and investment securities available-for-sale are recorded at fair value and unrealized gains and losses are recorded in other comprehensive (loss) income or as part of non-interest income, as appropriate. Fair values are based on listed market prices, if available. If listed market prices are not available, fair value is determined based on other relevant factors, including price quotations for similar instruments.
OFG determines the fair value of its financial instruments based on the fair value measurement framework, which establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1 — Level 1 assets and liabilities include equity securities, debt securities, and money market investment that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, 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 or liabilities. Level 2 assets and liabilities include (i) mortgage-backed securities for which the fair value is estimated based on valuations obtained from third-party pricing services for identical or comparable assets and (ii) debt securities with quoted prices that are traded less frequently than exchange-traded instruments.
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 and liabilities include financial instruments whose value is determined using pricing models for which the determination of fair value requires significant management judgment or estimation.
OFG’s policy is to recognize any transfer into or out of the Levels referred to above at the date of the event or change in circumstances that caused the transfer.
Other Loans Held-For-Sale and Transfers of Other Loans from Held-for-Investment to Held-for-Sale
Other loans reported as held-for-sale are non-mortgage loans which are stated at the lower of amortized cost or fair value, cost being determined on the outstanding loan balance less unearned income, and fair value determined in the aggregate. The amount for which amortized cost exceeds fair value is recognized through a valuation allowance by a charge to income in the period in which the change occurs. Realized gains or losses on these loans are determined using the specific identification method. Other loans held-for-sale include commercial loans that were designated as held-for-investment at origination or purchase, but that OFG subsequently decided to sell to other institutions.
These loans are reclassified to held-for-sale on the date that OFG decides to sell them. At this time, any previously recorded ACL is reversed in earnings and the loan is recorded at its amortized cost basis. Prior to the transfer, OFG applies its write-off policy to the amortized cost basis. The amortized cost at the date of transfer is reduced by any write-offs recognized just prior to the transfer. If the amortized cost basis exceeds the loan’s fair value at the date of transfer, OFG establishes a valuation allowance equal to the difference between amortized cost basis and fair value. The previously recorded ACL associated with the transferred loans after applying the write-off policy is released and an offsetting entry is recorded to the provision.
Mortgage Banking Activities and Mortgage Loans Held-For-Sale
The residential mortgage loans reported as held-for-sale are stated at the lower of amortized cost or fair value, cost being determined on the outstanding loan balance less unearned income, and fair value determined in the aggregate. The amount for which amortized cost exceeds fair value is recognized through a valuation allowance by a charge to income in the period in which the change occurs. Realized gains or losses on these loans are determined using the specific identification method. Mortgage loans held-for-sale include all conforming mortgage loans originated and purchased, which from time to time OFG sells to other financial institutions or securitizes conforming mortgage loans into GNMA, FNMA and FHLMC pass-through certificates.
Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities
OFG recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished. OFG is not engaged in sales of mortgage loans and mortgage-backed securities subject to recourse provisions except for those provisions that allow for the repurchase of loans as a result of a breach of certain representations and warranties other than those related to the credit quality of the loans included in the sale transactions.
The transfer of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset in which OFG surrenders control over the assets is accounted for as a sale if all of the following conditions set forth in Accounting Standards Codification (“ASC”) Topic 860 are met: (i) the assets must be isolated from creditors of the transferor, (ii) the transferee must obtain the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the transferor cannot maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. When OFG transfers financial assets and the transfer fails any one of these criteria, OFG is prevented from derecognizing the transferred financial assets and the transaction is accounted for as a secured borrowing. For transfers of financial assets that satisfy the conditions to be accounted for as sales, OFG derecognizes all assets sold; recognizes all assets obtained and liabilities incurred in consideration as proceeds of the sale, including servicing assets and servicing liabilities, if applicable; initially measures at fair value assets obtained and liabilities incurred in a sale; and recognizes in earnings any gain or loss on the sale. The guidance on transfer of financial assets requires a true sale analysis of the treatment of the transfer under state law as if OFG was a debtor under the bankruptcy code. A true sale legal analysis includes several legally relevant factors, such as the intent of the parties, the nature and level of recourse to the transferor, and the nature of retained interests in the loans sold. The analytical conclusion as to a true sale is never absolute and unconditional, and contains qualifications based on the inherent equitable powers of a bankruptcy court, as well as any unsettled matters of state law or common law. Once the legal isolation test has been met, other factors concerning the nature and extent of the transferor’s control over the transferred assets are taken into account in order to determine whether derecognition of assets is warranted.
When OFG sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. Conforming conventional mortgage loans are combined into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or sold directly to FNMA or other private investors for cash. To the extent the loans do not meet the specified characteristics, investors are generally entitled to require OFG to repurchase such loans or indemnify the investor against losses if the assets do not meet certain guidelines.
GNMA programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which OFG provides servicing. At OFG’s option and without GNMA’s prior authorization, OFG may repurchase such delinquent loans for an amount equal to 100% of the loan’s remaining principal balance. This buy-back option is considered a conditional option until the delinquency criteria is met, at which time the option becomes unconditional. When the loans backing a GNMA security are initially securitized, OFG treats the transaction as a sale for accounting purposes because the conditional nature of the buy-back option means that OFG does not maintain effective control over the loans and, therefore, these are derecognized from the statement of financial condition. When individual loans later meet GNMA’s specified delinquency criteria and are eligible for repurchase, OFG is deemed to have regained effective control over these loans, and these must be brought back into OFG’s books as assets, regardless of whether OFG intends to exercise the buy-back option. Quality review procedures are performed by OFG as required under the government agency programs to ensure that asset guideline qualifications are met. OFG records a contingent liability for these customary representations and warranties related to loans sold by OFG and is presented within other liabilities in the consolidated statements of financial condition. For more information refer to Note 24 – Commitments and Contingencies.
OFG has liability for residential mortgage loans sold subject to credit recourse, principally loans associated with FNMA residential mortgage loan sales and securitization programs. In the event of any customer default, pursuant to the credit recourse provided, OFG is required to repurchase the loan or reimburse the third-party investor for the incurred loss. The maximum potential amount of future payments that OFG would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. In the event of nonperformance by the borrower, OFG has rights to the underlying collateral securing the mortgage loan. OFG suffers ultimate losses on these loans when the proceeds from a foreclosure sale of the property underlying a defaulted mortgage loan are less than the outstanding principal balance of the loan plus any uncollected interest advanced and the costs of holding and disposing the related property. OFG has established a liability to cover the estimated credit loss exposure related to loans sold with credit recourse.
The estimated losses to be absorbed under the credit recourse arrangements are recorded as a liability when the loans are sold or credit recourse is assumed as part of acquired servicing rights, and are updated by accruing or reversing expense (included as mortgage banking activities in the consolidated statements of operations) throughout the life of the loan, as necessary, when additional relevant information becomes available. The methodology used to estimate the recourse liability is a function of the recourse arrangements given and considers historical and forecast loss experience. The methodology leverages the expected loss framework for mortgage loans to estimate expected future losses. The reserve for the estimated losses under the credit recourse arrangements is presented separately within other liabilities in the consolidated statements of financial condition. For more information refer to Note 24 – Commitments and Contingencies.
Servicing Assets
OFG periodically sells or securitizes mortgage loans while retaining the obligation to perform the servicing of such loans. In addition, OFG may purchase or assume the right to service mortgage loans originated by others. Whenever OFG undertakes an obligation to service a loan, management assesses whether a servicing asset and/or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to more than adequately compensate OFG for servicing the loans. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not expected to adequately compensate OFG for its expected cost.
All separately recognized servicing assets are recognized at fair value using the fair value measurement method. Under the fair value measurement method, OFG measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing assets in the statements of operations in the period in which the changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statements of operations. The fair value of servicing rights is subject to fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses.
The fair value of servicing rights is estimated by using a cash flow valuation model, which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions.
Loans and ACL
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees, and costs.
Loans held for investment that were not purchased with credit deterioration are referred to as non-PCD loans, and loans that were purchased with credit deterioration are referred to as PCD loans.
OFG discontinues accrual of interest after payments become more than 90 days past due or earlier if OFG does not expect the full collection of principal or interest, except for residential mortgage loans insured or guaranteed under applicable FHA and VA programs that are not placed in non-accrual status until they become 12 months or more past due, as they are insured loans. At that time, any accrued income is reversed. The delinquency status is based on the contractual terms of the loans. Loans for which the recognition of interest income has been discontinued are designated as non-accruing. Thereafter, collections are accounted for as a cash method, until qualifying to return to accrual status. Such loans are not reinstated to accrual status until interest is received on a current basis and other factors indicative of doubtful collection cease to exist. The determination as to the ultimate collectability of the loan’s balance may involve management’s judgment in the evaluation of the borrower’s financial condition and prospects for repayment. Interest income is based on the effective yield on the non-PCD loans.
PCD Loans: OFG has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. OFG considered the following factors as indicators that an acquired loan had evidence of deterioration in credit quality: loans that were 90 days or more past due; loans that had an internal loan grade of substandard or worse - substandard loans have a well-defined weakness that jeopardizes collection of the loan; loans that were classified as nonaccrual by the acquired bank at the time of acquisition; and loans that had been previously modified in a financial difficulties modification or previously identified as troubled debt restructuring. As such, our PCD loans are recorded at the purchase price plus the ACL expected at the time of acquisition or implementation of the standard. An ACL is determined using an UDCF methodology.
Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, for these loans, the determination of nonaccrual or accrual status is made at the pool level, not the individual loan level. On the adoption of CECL, the ACL was determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the non-credit premium or discount, which will be amortized interest income over the remaining life of the pool. On a quarterly basis, management will monitor the composition and behavior of the pools to assess the ability for cash flow estimation and timing. If, based on the analysis performed, the pool is classified as non-accrual, the accretion/amortization of the non-credit (discount) premium will cease. Changes to the ACL are recorded through the provision expense.
ACL – Loans: OFG adopted CECL, which utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans at the time the financial asset is originated or acquired. The ACL is adjusted each period for changes in expected credit losses. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods in light of changes in the composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast, and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the ACL when management believes the uncollectability of a loan balance is confirmed. OFG continues to monitor and modify the level of the ACL to ensure it is adequate.
Our methodology for estimating expected credit losses for our loan portfolios includes the following key components:
•Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include, but are not necessarily limited to, product or collateral type, internal risk rating, credit characteristics such as credit scores or collateral types, and historical or expected credit loss patterns.
•Credit losses for loans that do not share similar risk characteristics are estimated on an individual basis. Individual evaluations are typically performed for commercial nonaccrual modified loans classified as financial difficulties modifications or previously identified as troubled debt restructurings, and commercial classified loans that do not share common risk characteristics. The lifetime losses for individually measured loans are estimated based on one of several methods, including the estimated fair value of the underlying collateral, the observable market value of similar debt, or the present value of expected cash flows.
•ACL reserves are estimated over the contractual term of the financial asset adjusted for expected prepayments. As part of the calculation of the contractual term, the expected extension is generally not considered unless the option to extend the loan cannot be canceled unilaterally by OFG. In the case of unconditionally cancellable accounts, such as
credit cards, reserves are based on the expected life of the balance as of the evaluation date (assuming no further charges) and do not include any undrawn commitments that are unconditionally cancellable.
•The quantitative model utilizes a DCF or UDCF approach to estimate expected credit losses using the probability of default (“PD”), loss given default (“LGD”), and exposure at default (“EAD”). DCF method is used for most of the non-PCD portfolio, and the UDCF method for the PCD portfolio. For the EAD, OFG uses a prepayment model that projects prepayments over the life of the loans.
•An economic forecast period based on the relationship of losses with key economic variables for each portfolio segment; OFG has elected a 2-year reasonable and supportable forecast period, with an additional 1-year to mean straight-line reversion occurring within the credit loss models based on the economic inputs. The length of the reasonable and supportable forecast is evaluated at each reporting period and adjusted if deemed necessary.
•Inclusion of qualitative adjustment to consider factors for asset-specific risk characteristics to the extent they do not exist in the historical information that has not been accounted for and could impact the amount of future losses. For example, factors that OFG considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others.
•The estimate of credit losses includes expected recoveries of amounts previously charged off as well as consideration of expected amounts to be written off. If a loan has been charged off, the expected cash flows on the loan are not limited by the current amortized cost balance. Instead, expected cash flows can be assumed up to the unpaid principal balance immediately prior to the charge-off.
•The ACL excludes accrued interest since all our products are subject to a non-accrual and timely write-off policy, except for accrued interest receivable on loans that participated in the Covid-19 and Hurricane Fiona deferral programs with delinquency status between 30 and 89 days past due, in which a reserve is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. Accrued interest receivable totaled $60.9 million and $63.5 million on December 31, 2024 and 2023, respectively, reported in accrued interest receivable on the consolidated statement of financial condition. Accrued interest receivable on loans that participated in the Covid-19 and Hurricane Fiona deferral programs amounted to $18.1 million at December 31, 2024 (December 31, 2023 - $20.2 million), of which $16.3 million (December 31, 2023 - $18.2 million) corresponds to loans in current status. ACL for accrued interest receivable on loans that participated in the deferral programs amounted to $68 thousand and $85 thousand at December 31, 2024 and 2023, respectively.
In our loss forecasting framework, OFG incorporates forward-looking information through the use of macroeconomic scenarios. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, employment rates, real estate prices, gross domestic product levels, GNP levels, and retail sales. As any one economic outlook is inherently uncertain, OFG leverages multiple scenarios. The scenarios that are re-evaluated each quarter and the amount of weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal as well as third-party economists, and industry trends.
Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income through the life of the loan.
OFG has identified the following portfolio segments, commercial loans, mortgage loans, consumer loans, and auto loans, and measures the ACL using the methods described below for each.
Commercial Loans – The segmentation of commercial loans was established by business line, collateral type, size, and delinquency or risk rating/classification to assess the loans based on common risk characteristics. The segmentation aligns with OFG’s current credit policies and procedures for these portfolios. The estimate of expected credit losses on commercial loans is forecasted using models that estimate credit losses over the loan’s contractual life at an individual loan level. The models use the contractual terms to forecast future principal cash flows while also considering expected prepayments, considering that all our lines of credit are unconditionally cancellable. The loss forecasting model determines the probabilities of transition to different credit risk ratings or defaults at each point over the life of the asset based on the borrower’s current credit risk rating and business segment. Assumptions of expected loss are conditioned to the economic outlook, and the model considers key
economic variables such as the unemployment rate, GNP (Puerto Rico-related projections), gross domestic product (U.S. projections), and employment rates (U.S. projections).
Loans that do not share risk characteristics are evaluated on an individual basis. Individual evaluations are typically performed for nonaccrual modified loans classified as FDMs or as previous TDRs, and classified loans that do not share common risk characteristics. Loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate, as OFG elected the collateral-dependent practical expedient. For loans evaluated individually that are not collateral dependent, a DCF method is used to determine the ACL.
Commercial loans are placed on non-accrual status when they become 90 days or more past due and are written down, if necessary, based on the specific evaluation of the underlying collateral, if any.
OFG’s lending activities in the continental United States – referred to as commercial US loans – are conducted through OFG USA and OIB. These activities include the purchase of middle market senior secured cash flow loan participations and the purchase of participations of loans to small and medium sized businesses.
Mortgage Loans – This segment includes traditional mortgages, non-traditional mortgages, mortgages in the loss mitigation program, residential performing FDMs and previous TDRs, and residential non-performing FDMs and previous TDRs. The most significant attribute in estimating OFG’s lifetime expected credit losses is the vintage of the traditional mortgage segment. The estimates are based on OFG’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on the housing price index and unemployment are key factors that impact the frequency and severity of loss estimates. OFG expects to collect the amortized cost basis of government insured residential loans due to the nature of the government guarantee, so the ACL is zero for these loans.
Mortgage loans are placed on non-accrual status when they become 90 days or more past due and are written-down, if necessary, based on the specific evaluation of the collateral underlying the loan, except for FHA and VA insured mortgage loans which are placed in non-accrual when they become 12 months or more past due. For loans that are more than 180 days past due, with the exception of OFG’s fully insured portfolio, the outstanding balance of loans that is in excess of the estimated property value after adjusting for costs to sell is charged off. If the estimated property value decreases in periods subsequent to the initial charge-off, OFG will record additional charge-offs.
Consumer Loans – This portfolio consists of smaller retail loans such as unsecured personal loans, unsecured personal lines of credit, retail credit cards, and overdrafts. The estimates are based on OFG’s historical experience with the loan portfolios, adjusted to reflect the economic outlook. The outlook on the GNP and personal bankruptcy rate are key factors that impact the frequency and severity of loss estimates. Credit cards are revolving lines of credit without a defined maturity date. OFG elected to apply the remaining life methodology for the credit cards and overdrafts. The remaining life methodology takes projected losses based on the economic forecast for credit cards and historical losses on the overdraft segment, based on the expected remaining life of that pool. Future draws on the credit card lines are excluded from the estimated expected credit losses as they are unconditionally cancellable.
Consumer loans are placed on non-accrual status when they become 90 days past due and written-off when payments are delinquent, 120 days in personal loans, and 180 days in credit cards and personal lines of credit.
Auto loans - This portfolio consists of auto loans. The most significant attribute in estimating OFG’s expected credit losses is the FICO score. The estimates are based on OFG’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on GNP and employment rate are key factors that impact the frequency and severity of loss estimates.
Auto loans are placed on non-accrual status when they become 90 days past due, partially written-off to collateral value when payments are delinquent 120 days, and fully written-off when payments are delinquent 180 days.
For the principal enhancements that management made to its methodology, refer to Note 6 – Allowance for Credit Losses.
Financial Difficulties Modifications
On January 1, 2023, OFG adopted ASU 2022-02, which eliminated the recognition and measurement of TDRs and enhanced disclosures for loan restructurings for borrowers experiencing financial difficulty, or FDMs, using the prospective transition method. Loans that were restructured in a TDR prior to the adoption of ASU 2022-02 will continue to be accounted for under the historical TDR accounting until the relevant loans are paid off, liquidated or subsequently modified. Since adoption, all restructurings, including restructurings for borrowers experiencing financial difficulty, are evaluated to determine whether they result in a new loan or a continuation of an existing loan. Loan restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan as the terms of the restructured loans are typically not at market rates. When a loan is restructured, OFG measures impairment on the loan using a DCF approach that utilizes the loan’s restructured terms, including the post-restructuring interest rate.

A modification is subject to disclosure under the new ASU when OFG separately concludes that both of the following conditions exist: (i) the debtor is experiencing financial difficulties, and (ii) the modification constitutes a reduction in the interest rate on the loan, a payment extension, a forgiveness of principal, or a more-than-insignificant payment delay, or a combination of any of these. Determination that a borrower is experiencing financial difficulties involves a degree of judgment. The identification of FDMs is critical in the determination of the adequacy of the ACL. A FDM is typically in non-accrual status at the time of the modification. These loans continue in non-accrual status until the borrower has demonstrated a willingness and ability to make the restructured loan payments for at least six months of sustained performance after the modification and management has concluded that it is probable that the borrower would not be in payment default in the foreseeable future.
Foreclosed Real Estate and Other Repossessed Assets
Foreclosed real estate and other repossessed assets, mainly repossessed automobiles, are initially recorded at the fair value of the real estate or repossessed assets less the cost of selling it at the date of foreclosure or repossession. At the time properties are acquired in full or partial satisfaction of loans, any excess of the loan balance over the estimated fair value of the property is charged against the ACL. After foreclosure or repossession, these properties are carried at the lower of cost or fair value less estimated cost to sell based on recent appraised values or options to purchase the foreclosed or repossessed assets. Any excess of the carrying value over the estimated fair value, less estimated costs to sell, is charged to non-interest expense. The costs and expenses associated to holding these properties in portfolio are expensed as incurred.
Goodwill and Other Intangible Assets
Goodwill is recognized when the purchase price is higher than the fair value of net assets acquired in business combinations under the purchase method of accounting. OFG’s goodwill is not amortized to expense but is tested for impairment at least annually, and on a more frequent basis, if events or circumstances indicate impairment could have taken place. Such events could include, among others, a significant adverse change in the business climate, an adverse action by a regulator, an unanticipated change in the competitive environment, and a decision to change the operations or dispose of a reporting unit.
A quantitative annual impairment test is not required if, based on a qualitative analysis, OFG determines that the existence of events and circumstances indicates that it is more likely than not that goodwill is not impaired. OFG performs an annual goodwill impairment test as of October 31 and monitors interim triggering events on an ongoing basis. OFG tests for impairment based on the allocation of goodwill and other assets and liabilities, as necessary, to defined reporting segments. A fair value is then determined for each reporting segment. If the fair values of the reporting segments exceed their book values, no write down of the recorded goodwill is necessary. If the fair values are less than the book values, an additional valuation procedure is necessary to assess the proper carrying value of the goodwill.
Reporting segment valuation is inherently subjective, with a number of factors based on assumptions and management judgments or estimates. Actual values may differ significantly from such estimates. Among these are future growth rates for the reporting segments, selection of comparable market transactions, discount rates, and earnings capitalization rates. Changes in assumptions and results due to economic conditions, industry factors, and reporting unit performance and cash flow projections could result in different assessments of the fair values of reporting segments and could result in impairment charges. If an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting segment below its carrying amount, an interim impairment test is required.
Other identifiable intangible assets with a finite useful life, mainly core deposits and customer relationships, are amortized using various methods over the periods benefited, which range from 3 to 10 years. These intangibles are evaluated periodically
for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments on intangible assets with a finite useful life are evaluated under the guidance for impairment or disposal of long-lived assets.
Premises and Equipment
Premises and equipment are carried at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful life of each type of asset. Amortization of leasehold improvements is computed using the straight-line method over the terms of the leases or estimated useful lives of the improvements, whichever is shorter.
Impairment of Long-Lived Assets
OFG periodically reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In performing the review for recoverability, an estimate of the future cash flows expected to result from the use of the asset and its eventual disposition is made. If the sum of the future cash flows (undiscounted and without interest charges) is less than the carrying amount of the assets, an impairment loss is recognized. The amount of the impairment is the excess of the carrying amount over the fair value of the asset. As of December 31, 2024 and 2023, there was no indication of impairment as a result of such review.
Off-Balance Sheet Instruments
In the ordinary course of business, OFG enters into off-balance sheet instruments consisting of commitments to extend credit, further discussed in Note 24 – Commitments and Contingencies hereto. Such financial instruments are recorded in the financial statements when these are funded or related fees are incurred or received. OFG periodically evaluates the credit risks inherent in these commitments and establishes reserves for such risks if and when these are deemed necessary.
ACL on Off-Balance Sheet Credit Exposures
OFG estimates the expected credit losses related to unfunded lending commitments such as letters of credit, financial guarantees, unfunded banker’s acceptances, and binding loan commitments. Reserves are estimated for the unfunded exposure using the same factors as the funded exposure and are reported as reserves for unfunded lending commitments. Net adjustments to the reserve for unfunded commitments are included in the provision for credit losses in the consolidated statements of operations.
Securities Sold Under Agreements to Repurchase
From time to time, OFG sells securities under agreements to repurchase the same or similar securities. OFG retains effective control over the securities sold under these agreements. Accordingly, such agreements are treated as financing arrangements, and the obligations to repurchase the securities sold are reflected as liabilities. The securities underlying the financing agreements remain included in the asset accounts. The counterparty to repurchase agreements generally has the right to repledge the securities received as collateral.
Income Taxes
In preparing the consolidated financial statements, OFG is required to estimate income taxes. This involves an estimate of current income tax expense together with an assessment of deferred taxes resulting from differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. An asset versus liability classification exercise is completed for each applicable tax paying entity in each tax jurisdiction and deferred tax assets and liabilities are offset within each jurisdiction. Accordingly, in a single balance sheet, a net deferred tax asset and a net deferred liability may appear.
The determination of current income tax expense involves estimates and assumptions that require OFG to assume certain positions based on its interpretation of current tax laws and regulations. Changes in assumptions affecting estimates may be required in the future, and estimated tax assets or liabilities may need to be increased or decreased accordingly. The accrual for tax contingencies is adjusted in light of changing facts and circumstances, such as the progress of tax audits, case law and emerging legislation. When particular matters arise, a number of years may elapse before such matters are audited and finally resolved. Favorable resolution of such matters could be recognized as a reduction to OFG’s effective tax rate in the year of resolution. Unfavorable settlement of any particular issue could increase the effective tax rate and may require the use of cash in such year.
OFS is a pass-through entity not subject to income taxes at the company level, and the parent will be subject to Puerto Rico income taxes on its distributable share of OFS taxable income under the partnership provisions of the PR Code. At the date of the election all tax attributes of OFS were also transferred to the parent. The same tax treatment applies to Oriental Insurance. Pursuant to these elections OFG is required to pay income taxes on its distributable share of earnings and profits of both entities. In the case of losses reported by any of the entities, such losses may be offset with the taxable income of the other entity. However, OFG is not permitted to use its operating losses to offset the taxable income of its partnerships.

The determination of deferred tax expense or benefit is based on changes in the carrying amounts of assets and liabilities that generate temporary differences. The carrying value of OFG’s net deferred tax assets assumes that it will be able to generate sufficient future taxable income based on estimates and assumptions. If these estimates and related assumptions change in the future, OFG may be required to record valuation allowances against its deferred tax assets resulting in additional income tax expense in the consolidated statements of operations. Management evaluates on a regular basis whether the deferred tax assets can be realized and assesses the need for a valuation allowance. A valuation allowance is established when management believes that it is more likely than not that some portion of its deferred tax assets will not be realized. Changes in valuation allowance from period to period are included in OFG’s tax provision in the period of change.

In addition to valuation allowances, OFG establishes accruals for uncertain tax positions when, despite the belief that OFG’s tax return positions are fully supported, OFG believes that certain positions are likely to be challenged. The accruals for uncertain tax positions are adjusted in light of changing facts and circumstances, such as the progress of tax audits, case law, and emerging legislation. The accruals for OFG’s uncertain tax positions are reflected as income tax payable as a component of accrued expenses and other liabilities. These accruals are reduced upon expiration of the applicable statute of limitations.

OFG follows a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement.
OFG’s policy is to include interest and penalties related to unrecognized income tax benefits within the provision for income taxes on the consolidated statements of operations.
OFG is potentially subject to income tax audits in the Commonwealth of Puerto Rico for taxable years 2020 to 2023, until the applicable statute of limitations expires. In addition, OFG’s US subsidiaries are potentially subject to income tax audits by the IRS for taxable years 2021 to 2023. Tax audits by their nature are often complex and can require several years to complete.
Advertising Costs
Advertising costs are expensed as incurred.
Revenue Recognition
ASC 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.
The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit, and investment securities, as well as revenue related to our mortgage servicing activities, as these activities are subject to other GAAP discussed elsewhere within our disclosures.
Revenue-generating activities that are within the scope of ASC 606, which are presented in OFG’s statement of operations as components of non-interest income are described in Note 28 – Business Segments.
Stock-Based Compensation Plan
OFG’s 2007 Omnibus Performance Incentive Plan, as amended and restated (the “Omnibus Plan”), provides for equity-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted units and dividend equivalents, as well as equity-based performance awards. The Omnibus Plan was adopted in 2007, amended and restated in 2008, and further amended in 2010, 2013 and 2023.
The purpose of the Omnibus Plan is to provide flexibility to OFG to attract, retain and motivate directors, officers, and key employees through the grant of awards based on performance and to adjust its compensation practices to the best compensation practice and corporate governance trends as they develop from time to time. The Omnibus Plan is further intended to motivate high levels of individual performance coupled with increased shareholder returns. Therefore, awards under the Omnibus Plan (each, an “Award”) are intended to be based upon the recipient’s individual performance, corporate performance, level of responsibility and potential to make significant contributions to OFG. Generally, the Omnibus Plan will terminate as of (a) the date when no more of OFG’s shares of common stock are available for issuance under the Omnibus Plan or, (b) if earlier, the date the Omnibus Plan is terminated by OFG’s Board of Directors.
The Board’s Compensation Committee (the “Committee”), or such other committee as the Board may designate, has full authority to interpret and administer the Omnibus Plan in order to carry out its provisions and purposes. The Committee has the authority to determine those persons eligible to receive an Award and to establish the terms and conditions of any Award. The Committee may delegate, subject to such terms or conditions or guidelines as it shall determine, to any employee or group of employees any portion of its authority and powers under the Omnibus Plan with respect to participants who are not directors or executive officers subject to the reporting requirements under Section 16(a) of the Exchange Act. Only the Committee may exercise authority in respect to Awards granted to such participants.
The expected term of stock options granted represents the period of time that such options are expected to be outstanding. Expected volatilities are based on historical volatility of OFG’s shares of common stock over the most recent period equal to the expected term of the stock options. For stock options issued during 2015, the expected volatilities are based on both historical and implied volatility of OFG’s shares of common stock.
OFG follows the fair value method of recording stock-based compensation. OFG used the modified prospective transition method, which requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award with the cost to be recognized over the service period. It applies to all awards unvested and granted after the effective date and awards modified, repurchased, or cancelled after that date.
Comprehensive Income
Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, except for those resulting from investments by owners and distributions to owners. GAAP requires that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities and on derivative activities that qualify and are designated for cash flows hedge accounting, net of taxes, are reported as a separate component of the stockholders’ equity section of the consolidated statements of financial condition, such items, along with net income, are components of comprehensive income.
Commitments and Contingencies
Liabilities for loss contingencies, arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Lease Accounting
Right of use assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset.
Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, and any impairment of the right-of-use asset. Variable lease payments are generally expensed as incurred and include certain non-lease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term.
OFG’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases.
Subsequent Events
OFG has evaluated other events subsequent to the balance sheet date and prior to the filing of this annual report on Form 10-K for 2024, and has adjusted and disclosed those events that have occurred that would require adjustment or disclosure in the consolidated financial statements.
New Accounting Updates Not Yet Adopted
Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning
after December 15, 2027. Early adoption is permitted. We will adopt this guidance when it becomes effective in the annual period of 2027 on a prospective basis. We are currently estimating the impact on our financial statements and disclosures.
Codification Improvements—Amendments to Remove References to the Concepts Statements. In March 2024, the FASB issued ASU 2024-02, which removes various references to concept statements from the FASB Accounting Standards Codification. The ASU intends to simplify the Accounting Standards Codification and distinguish between non-authoritative and authoritative guidance. For public business entities, the amendments will be effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The amendments can be applied prospectively or retrospectively. We will adopt this guidance when it becomes effective in the first quarter of 2025 on a prospective basis, and the impact on our financial statements and disclosures is not expected to be material.
Compensation—Stock Compensation. In March 2024, the FASB issued ASU 2024-01 to improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted for in accordance with Topic 718. The ASU is intended to reduce complexity and diversity in practice. For public business entities, the amendments will be effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. We will adopt this guidance when it becomes effective in the first quarter of 2025 on a prospective basis. The impact on our financial statements and disclosures is not expected to be material.
Income Taxes—Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09 to enhance income tax disclosures and address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The ASU’s two primary enhancements will require further disaggregation for existing disclosures for the effective tax rate reconciliation and income taxes paid. More specifically, the amendments will require entities to disclose: (i) a tabular effective tax rate reconciliation, broken out into specific categories with certain reconciling items above a 5% threshold further broken out by nature and jurisdiction; and (ii) income taxes paid (net of refunds received), broken out between federal, state and foreign, and net amounts paid to an individual jurisdiction that exceed 5% of the total. The amendments in this update are effective for annual periods beginning after December 15, 2024. Entities are permitted to early adopt these amendments. The amendments should be applied prospectively, but retrospective application is permitted. We will adopt this guidance when it becomes effective, in the annual period of 2025 on a prospective basis. We expect to provide additional disaggregated income tax disclosures in accordance with this ASU. This ASU will not impact our Consolidated Statement of Operations, Consolidated Balance Sheet, Consolidated Statement of Cash Flows, Consolidated Statement of
Comprehensive Income, or Consolidated Statement of Changes in Equity.
New Accounting Updates Adopted in 2024
Segment Reporting—Improvements to Reportable Segment Disclosures. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07 to enhance segment reporting by expanding the breadth and frequency of segment disclosures required for public entities. The amendments in this ASU allows registrants to disclose multiple measures of segment profit or loss and it also clarifies that single reportable segment entities must apply Topic 280 in its entirety. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. Our adoption of this standard for the annual period of 2024 did not have a material impact on our consolidated financial statements. Refer to Note 28 – Business Segments for disclosures.
v3.25.0.1
CASH RESTRICTIONS
 12 Months Ended
Dec. 31, 2024
Restricted Cash and Investments [Abstract]  
CASH RESTRICTIONS CASH RESTRICTIONS
The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits, excluding government deposits that are secured with pledged collateral. The amount of those minimum average reserve balances for the week that covered December 31, 2024, was $472.0 million (December 31, 2023 - $464.5 million). At December 31, 2024 and 2023, the Bank complied with this requirement. Cash and due from banks, as well as other short-term highly liquid securities, are used to cover the required average reserve balances.
v3.25.0.1
INVESTMENT SECURITIES
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
Money Market Investments
OFG considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less at the date of acquisition. At December 31, 2024 and 2023, money market instruments included as part of cash and cash equivalents amounted to $6.7 million and $4.6 million, respectively.
Investment Securities
The amortized cost, gross unrealized gains and losses, fair value, weighted average yield and contractual maturities of the securities owned by OFG at December 31, 2024 and 2023 were as follows:
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value		Weighted Average Yield
(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates
Due from 1 to 5 years$14,930 $— $587 $14,343 2.07 %
Due from 5 to 10 years23,664 — 1,415 22,249 1.90 %
Due after 10 years1,943,193 5,545 72,449 1,876,289 4.51 %
Total FNMA and FHLMC certificates1,981,787 5,545 74,451 1,912,881 4.46 %
GNMA certificates
Due from 1 to 5 years6,215 — 177 6,038 1.74 %
Due from 5 to 10 years11,358 10 641 10,727 2.25 %
Due after 10 years437,308 4,058 40,146 401,220 3.63 %
Total GNMA certificates454,881 4,068 40,964 417,985 3.57 %
CMOs issued by US government-sponsored agencies
Due from 1 to 5 years5,015 — 126 4,889 1.78 %
Due after 10 years753 — 3 750 5.07 %
Total CMOs issued by US government-sponsored agencies5,768 — 129 5,639 2.21 %
Total mortgage-backed securities2,442,436 9,613 115,544 2,336,505 4.29 %
Investment securities
US Treasury securities
Due less than 1 year1,149 1 — 1,150 4.85 %
Other debt securities
Due from 1 to 5 years550 — — 550 2.41 %
Total investment securities1,699 1 — 1,700 4.06 %
Total securities available for sale$2,444,135 $9,614 $115,544 $2,338,205 4.29 %
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value		Weighted Average Yield
(In thousands)
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates
Due after 10 years$292,158 $— $60,006 $232,152 1.73 %
Investment securities
Other debt securities
Due less than 1 year35,000 22 — 35,022 5.53 %
Total securities held to maturity$327,158 $22 $60,006 $267,174 2.13 %
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value		Weighted Average Yield
(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates
Due from 1 to 5 years$6,972 — $311 $6,661 1.76 %
Due from 5 to 10 years45,835 — 2,767 43,068 2.00 %
Due after 10 years1,411,327 8,989 54,100 1,366,216 4.11 %
Total FNMA and FHLMC certificates1,464,134 8,989 57,178 1,415,945 4.03 %
GNMA certificates
Due less than 1 year5 — — 5 1.31 %
Due from 1 to 5 years8,851 — 351 8,500 1.71 %
Due from 5 to 10 years17,113 16 955 16,174 2.19 %
Due after 10 years380,306 4,419 33,110 351,615 3.38 %
Total GNMA certificates406,275 4,435 34,416 376,294 3.30 %
CMOs issued by US government-sponsored agencies
Due from 1 to 5 years9,071 — 364 8,707 1.78 %
Due from 5 to 10 years54 — — 54 2.14 %
Due after 10 years861 — 12 849 5.07 %
Total CMOs issued by US government-sponsored agencies9,986 — 376 9,610 2.06 %
Total mortgage-backed securities1,880,395 13,424 91,970 1,801,849 3.86 %
Investment securities
US Treasury securities due less than 1 year
296,747 52 — 296,799 5.40 %
Other debt securities
Due less than 1 year500 — — 500 3.25 %
Due from 1 to 5 years119 — 3 116 2.97 %
Total other debt securities619 — 3 616 3.20 %
Total investment securities297,366 52 3 297,415 5.39 %
Total securities available for sale$2,177,761 $13,476 $91,973 $2,099,264 4.07 %
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value		Weighted Average Yield
(In thousands)
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates
Due after 10 years$314,710 $— $56,767 $257,943 1.72 %
Investment securities
US Treasury securities
Due less than 1 year199,314 — 1,548 197,766 3.33 %
Other debt securities
Due from 1 to 5 years35,000 55 — 35,055 6.36 %
Total securities held to maturity$549,024 $55 $58,315 $490,764 2.60 %
Securities not due on a single contractual maturity date, such as collateralized mortgage obligations, are classified in the period of final contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
The weighted average yield on debt securities available-for-sale is based on amortized cost and does not give effect to changes in fair value. Weighted average yields on tax-exempt obligations have been computed on a fully taxable equivalent basis.
At December 31, 2024 and 2023, most securities held by OFG are issued by U.S. government entities and government-sponsored agencies that have a zero-credit loss assumption and, therefore, have no ACL.
Investment securities as of December 31, 2024, include $1.564 billion pledged to secure securities sold under agreements to repurchase, government deposits and regulatory collateral, of which $1.440 billion serve as collateral for public funds. For regulatory collateral, the secured parties are not permitted to sell or repledge them. Investment securities as of December 31, 2023, include $1.624 billion pledged to secure government deposits, and regulatory collateral that the secured parties are not permitted to sell or repledge, of which $1.575 billion serve as collateral for public funds.
During 2023, OFG acquired a two-year $35.0 million private placement hospital revenue bond issued by AFICA, a public corporation and governmental instrumentality of the Commonwealth of Puerto Rico, to provide financing for a private entity. This bond is not marketable and therefore has no rating. It is included in “Other debt securities held to maturity” in the tables above.
At December 31, 2024 and 2023, the Bank’s IBEs, OIB and Oriental Overseas, each held short-term US Treasury securities in the amount of $525 thousand and $325 thousand, respectively, as the legal reserve required for international banking entities under Puerto Rico law. These instruments cannot be withdrawn or transferred without the prior written approval of the Office of the Commissioner of Financial Institutions.
During 2024, 2023 and 2022, OFG retained securitized GNMA pools totaling $74.7 million, $76.4 million and $112.4 million, respectively, at a yield of 4.87%, 5.33% and 3.90%, respectively, from its own originations. During 2023 and 2022, OFG retained FNMA pools totaling $17.2 million and $13.7 million at a yield of 5.37% and 4.97%, from its own originations. OFG did not retain FNMA pools during 2024.
During 2024 and 2023, OFG purchased $549.0 million and $300.0 million of short-term available for sale US Treasury securities. During 2022, OFG purchased $550.0 million of available for sale US Treasury securities and $200.0 million of held to maturity US Treasury securities. US Treasury securities are exempt of income taxes.
During 2024, 2023 and 2022, OFG sold $149.4 million, $203.3 million and $242.4 million, respectively, of AFS US Treasury securities and recognized $7 thousand, $1.1 million and $247 thousand, respectively, in losses on the sales. These losses are included in the consolidated statements of operations.
Year Ended December 31, 2024
DescriptionSale PriceBook Value at SaleGross GainsGross Losses
(In thousands)
Sale of investment securities available-for-sale
Investment securities
US Treasury securities$149,406 $149,413 $— $7 
Year Ended December 31, 2022
DescriptionSale PriceBook Value at SaleGross GainsGross Losses
(In thousands)
Sale of investment securities available-for-sale
Investment securities
US Treasury securities$242,126 $242,373 $— $247 
The following table shows OFG’s gross unrealized losses and fair value of investment securities available-for-sale at December 31, 2024 and 2023, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
December 31, 2024
12 months or more
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$641,189 $61,462 $579,727 
GNMA certificates240,265 38,945 201,320 
CMOs issued by US Government-sponsored agencies5,768 129 5,639 
$887,222 $100,536 $786,686 
December 31, 2024
Less than 12 months
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$804,976 $12,989 $791,987 
GNMA certificates85,792 2,019 83,773 
$890,768 $15,008 $875,760 
December 31, 2024
Total
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$1,446,165 $74,451 $1,371,714 
GNMA certificates326,057 40,964 285,093 
CMOs issued by US Government-sponsored agencies5,768 129 5,639 
$1,777,990 $115,544 $1,662,446 

The unrealized losses on OFG’s investment in federal agency mortgage-backed securities were caused by market volatility related to market uncertainty tied to interest rates. OFG purchased those investments at a discount relative to their face amount, and the contractual cash flows of those investments are guaranteed by an agency of the U.S. government or by a government-sponsored enterprise. Accordingly, it is expected that the securities would not be settled at a price that is less than the amortized cost basis of OFG’s investments. OFG does not intend to sell the investments, and it is not more likely than not that OFG will be required to sell the investments before recovery of their amortized cost basis.
December 31, 2023
12 months or more
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$731,334 $56,847 $674,487 
GNMA certificates275,669 34,364 241,305 
CMOs issued by US Government-sponsored agencies9,986 376 9,610 
Other debt securities119 3 116 
$1,017,108 $91,590 $925,518 
December 31, 2023
Less than 12 months
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$106,235 $331 $105,904 
GNMA certificates7,864 52 7,812 
$114,099 $383 $113,716 

December 31, 2023
Total
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$837,569 $57,178 $780,391 
GNMA certificates283,533 34,416 249,117 
CMOs issued by US Government-sponsored agencies9,986 376 9,610 
Other debt securities119 3 116 
$1,131,207 $91,973 $1,039,234 
v3.25.0.1
PLEDGED ASSETS
 12 Months Ended
Dec. 31, 2024
Pledged Assets [Abstract]  
PLEDGED ASSETS PLEDGED ASSETS
The following table shows a summary of pledged and not pledged assets at December 31, 2024 and 2023. Investment securities available for sale are presented at fair value, and investment securities held to maturity, residential mortgage loans, commercial loans, consumer loans and auto loans are presented at amortized cost:
December 31,
20242023
(In thousands)
Pledged investment securities to secure:
Securities sold under agreements to repurchase$80,968 $— 
Bank Term Funding Program41,889 48,070 
IBE Regulation1,045 645 
Bond for the Bank's trust operations104 104 
Puerto Rico public fund deposits1,439,627 1,575,042 
Total pledged investment securities1,563,633 1,623,861 
Pledged residential mortgage loans to secure:
Advances from the FHLB
700,469 769,813 
Pledged commercial loans to secure:
Advances from the FHLB
394,597 236,665 
Federal Reserve Bank Credit Facility79,893 70,075 
Puerto Rico public fund deposits66,944 69,731 
541,434 376,471 
Pledged auto loans to secure:
Federal Reserve Bank Credit Facility2,069,693 1,169,711 
Pledged consumer loans to secure:
Federal Reserve Bank Credit Facility551,131 — 
Total pledged assets$5,426,360 $3,939,856 
Financial assets not pledged:
Investment securities$1,101,730 $1,024,427 
Residential mortgage loans783,634 792,796 
Commercial loans2,566,102 2,728,777 
Consumer loans117,430 620,446 
Auto loans479,800 1,104,710 
Total assets not pledged$5,048,696 $6,271,156 
v3.25.0.1
LOANS
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
LOANS LOANS
OFG’s loan portfolio is composed of four segments: commercial, mortgage, consumer, and auto loans. Loans are further segregated into classes which OFG uses when assessing and monitoring the risk and performance of the portfolio.
The composition of the amortized cost basis of OFG’s loan portfolio at December 31, 2024 and 2023 was as follows:
December 31, 2024December 31, 2023
Non-PCDPCDTotalNon-PCDPCDTotal
(In thousands)
Commercial PR:
Commercial secured by real estate$1,222,395 $77,196 $1,299,591 $1,095,207 $120,988 $1,216,195 
Other commercial and industrial1,087,886 11,533 1,099,419 1,091,021 14,459 1,105,480 
2,310,281 88,729 2,399,010 2,186,228 135,447 2,321,675 
Commercial US704,081 — 704,081 755,228 — 755,228 
Total commercial loans3,014,362 88,729 3,103,091 2,941,456 135,447 3,076,903 
Mortgage loans628,853 841,964 1,470,817 629,247 933,362 1,562,609 
Consumer loans:
Personal loans620,430 245 620,675 568,358 264 568,622 
Credit lines10,126 353 10,479 10,926 288 11,214 
Credit cards36,956 — 36,956 40,314 — 40,314 
Overdraft451 — 451 296 — 296 
667,963 598 668,561 619,894 552 620,446 
Auto loans2,549,033 460 2,549,493 2,272,530 1,891 2,274,421 
6,860,211 931,751 7,791,962 6,463,127 1,071,252 7,534,379 
Allowance for credit losses(170,709)(5,154)(175,863)(152,610)(8,496)(161,106)
Total loans held for investment, net6,689,502 926,597 7,616,099 6,310,517 1,062,756 7,373,273 
Mortgage loans held-for-sale13,286 — 13,286 — — — 
Other loans held-for-sale4,446 — 4,446 28,345 — 28,345 
Total loans held-for-sale17,732 — 17,732 28,345 — 28,345 
Total loans, net$6,707,234 $926,597 $7,633,831 $6,338,862 $1,062,756 $7,401,618 
During 2024, OFG sold $56.6 million commercial loans held-for-sale and recognized a $900 thousand gain, included in other non-interest income in the consolidated statement of operations. During 2023, OFG sold non-performing Puerto Rico small business commercial loans held-for-sale amounting to $4.3 million, with an unpaid principal balance of $25.3 million and recognized a $6.3 million gain, included in other non-interest income in the consolidated statement of operations. At December 31, 2024 and 2023, OFG had $4.4 million and $28.3 million, respectively, in commercial loans held-for-sale.
At December 31, 2024 and 2023, OFG had carrying balances of $66.4 million and $68.6 million, respectively, in loans held-for-investment granted to the Puerto Rico government or its instrumentalities as part of the commercial loan segment. The Bank’s loans to the Puerto Rico government are general obligations of municipalities secured by ad valorem taxation, without limitation as to rate or amount, on all taxable property within the issuing municipalities in current status. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations.
The tables below present the aging of the amortized cost of loans held for investment at December 31, 2024 and 2023, by class of loans. Mortgage loans past due include $48.6 million and $19.4 million of delinquent loans in the GNMA buy-back option program at December 31, 2024 and 2023, respectively. During 2024, OFG acquired the servicing rights to a $1.7 billion mortgage loan portfolio that was being subserviced by the Bank. At the time of acquisition, defaulted loans under the GNMA buy-back option program corresponding to this servicing portfolio amounted to $24.2 million. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option.
December 31, 2024
30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal LoansLoans 90+
Days Past
Due and
Still
Accruing
(In thousands)
Commercial PR:
Commercial secured by real estate$879 $215 $9,780 $10,874 $1,211,521 $1,222,395 $— 
Other commercial and industrial597 629 3,588 4,814 1,083,072 1,087,886 — 
1,476 844 13,368 15,688 2,294,593 2,310,281 — 
Commercial US— 4,505 — 4,505 699,576 704,081 — 
Total commercial loans1,476 5,349 13,368 20,193 2,994,169 3,014,362 — 
Mortgage loans
5,362 6,069 59,995 71,426 557,427 628,853 2,047 
Consumer loans:
Personal loans8,522 4,655 3,494 16,671 603,759 620,430 — 
Credit lines53 38 125 216 9,910 10,126 — 
Credit cards670 255 571 1,496 35,460 36,956 — 
Overdraft88 — — 88 363 451 — 
9,333 4,948 4,190 18,471 649,492 667,963 — 
Auto loans
119,805 50,208 20,055 190,068 2,358,965 2,549,033 — 
Total loans$135,976 $66,574 $97,608 $300,158 $6,560,053 $6,860,211 $2,047 
December 31, 2023
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal LoansLoans 90+
Days Past
Due and
Still
Accruing
(In thousands)
Commercial PR:
Commercial secured by real estate$1,585 $411 $5,671 $7,667 $1,087,540 $1,095,207 $— 
Other commercial and industrial1,366 291 4,974 6,631 1,084,390 1,091,021 — 
2,951 702 10,645 14,298 2,171,930 2,186,228 — 
Commercial US— — — — 755,228 755,228 — 
Total commercial loans2,951 702 10,645 14,298 2,927,158 2,941,456 — 
Mortgage loans
6,107 9,596 31,557 47,260 581,987 629,247 2,478 
Consumer loans:
Personal loans6,115 4,041 2,755 12,911 555,447 568,358 — 
Credit lines137 35 35 207 10,719 10,926 — 
Credit cards657 280 586 1,523 38,791 40,314 — 
Overdraft87 14 — 101 195 296 — 
6,996 4,370 3,376 14,742 605,152 619,894 — 
Auto loans101,610 46,071 19,056 166,737 2,105,793 2,272,530 — 
Total loans$117,664 $60,739 $64,634 $243,037 $6,220,090 $6,463,127 $2,478 
As of December 31, 2023, total past due loans exclude $6.4 million of past due commercial loans held-for-sale, these loans were sold during 2024. There were no past due commercial loans held-for-sale as of December 31, 2024.

Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the preceding two tables.
Non-accrual Loans
The following table presents the amortized cost basis of loans held for investment on non-accrual status as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Non-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotalNon-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotal
(In thousands)(In thousands)
Non-PCD:
Commercial PR:
Commercial secured by real estate$4,610 $6,248 $10,858 $3,553 $7,929 $11,482 
Other commercial and industrial1,855 1,996 3,851 4,560 830 5,390 
6,465 8,244 14,709 8,113 8,759 16,872 
Commercial US21,317 2,887 24,204 19,224 — 19,224 
Total commercial loans
27,782 11,131 38,913 27,337 8,759 36,096 
Mortgage loans
8,770 3,153 11,923 10,339 3,858 14,197 
Consumer loans:
Personal loans3,468 44 3,512 2,741 14 2,755 
Credit lines125 — 125 35 — 35 
Credit cards570 — 570 586 — 586 
4,163 44 4,207 3,362 14 3,376 
Auto loans20,049 6 20,055 19,051 5 19,056 
Total$60,764 $14,334 $75,098 $60,089 $12,636 $72,725 
PCD:
Commercial PR:
Commercial secured by real estate$— $1,946 $1,946 $3,060 $2,417 $5,477 
Other commercial and industrial695 — 695 — 947 947 
Total commercial loans
695 1,946 2,641 3,060 3,364 6,424 
Mortgage loans
239 — 239 250 — 250 
Total$934 $1,946 $2,880 $3,310 $3,364 $6,674 
Total non-accrual loans$61,698 $16,280 $77,978 $63,399 $16,000 $79,399 
The determination of non-accrual or accrual status of PCD loans is made at the pool level, not the individual loan level.
As of December 31, 2023, total commercial non-accrual loans exclude $6.4 million of non-accrual commercial loans held-for-sale, these loans were sold during 2024. There were no commercial non-accrual loans held-for-sale at December 31, 2024.
Delinquent residential mortgage loans insured or guaranteed under applicable FHA and VA programs are classified as non-performing loans when they become 90 days or more past due but are not placed in non-accrual status until they become 12 months or more past due, since they are insured loans. Therefore, those loans are included as non-performing loans but excluded from non-accrual loans.
Modifications to Debtors Experiencing Financial Difficulty
OFG’s loss mitigation program was designed to ensure that borrowers experiencing financial difficulties have the opportunity to continue paying their obligations. The loss mitigation alternatives are divided depending on the borrower’s hardship and its ability to continue with regular payment or with a new modified payment plan. The loss mitigation program provides alternatives for home retention or disposition options avoiding foreclosure proceedings and collateral retention.
OFG offers various types of loan modifications to borrowers experiencing financial difficulty in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, interest or principal forbearance or forgiveness, or any combination of these types of concessions.
At December 31, 2024 and 2023, the amortized cost of modified loans excludes $127 thousand and $188 thousand, respectively, in accrued interest receivable. Accrued interest receivable on loans is included in the “accrued interest receivable” line in OFG’s consolidated statements of financial condition. The amortized cost of modified loans during 2024 and 2023, includes $1.0 million and $4.6 million, respectively, of government-guaranteed loans (e.g., FHA/VA).
The following tables present the amortized cost basis as of December 31, 2024 and 2023 of loans held for investment that were modified during 2024 and 2023, disaggregated by class of financing receivable and type of concession granted.
Year Ended December 31, 2024
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Commercial US$9,257 1.31 %$— — %$6,286 0.89 %$— — %$— — %
Mortgage loans
— — %1,682 0.11 %— — %88 0.01 %105 0.01 %
Consumer:
Personal loans26 — %6 — %— — %— — %— — %
Auto loans
162 0.01 %— — %— — %— — %— — %
Total$9,445 $1,688 $6,286 $88 $105 
Year Ended December 31, 2023
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Commercial PR:
Commercial secured by real estate$— — %$6,332 0.52 %$— — %$— — %$— — %
Other commercial and industrial— — %689 0.06 %— — %— — %— — %
— — %7,021 0.23 %— — %— — %— — %
Commercial US6,649 0.88 %— — %— — %— — %4,183 0.55 %
Total commercial loans
6,649 0.88 %7,021 0.23 %— — %— — %4,183 0.55 %
Mortgage loans— — %5,777 0.37 %97 0.01 %710 0.05 %440 0.03 %
Consumer:
Personal loans37 0.01 %— — %— — %80 0.01 %— — %
Auto loans48 — %13 — %— — %53 — %— — %
Total$6,734 $12,811 $97 $843 $4,623 
Our credit loss estimation methodology incorporates a lifetime approach, utilizing modeled loan performance based on the historical experience of loans with similar risk characteristics, adjusted for current conditions, and reasonable and supportable forecasts. The model considers extensive historical loss experience, including the impact of loss mitigation programs offered to borrowers facing financial difficulty and projected loss severity from loan defaults, and is applied consistently across all portfolio segments. Additionally, our ACL is recorded on each asset upon origination or acquisition and is based on historical loss information, including modifications made to borrowers facing financial difficulty, and expected behavior. Changes to the ACL are generally not recorded upon modification, as the effects of most modifications are already considered in the estimation methodology. Refer to Note 6 – Allowance for Credit Losses for additional information.
Year Ended December 31, 2024
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial US0.73 %0$623 
Mortgage loans0.38 %14911 
Consumer loans:
Personal loans5.00 %18— 
Auto loans2.82 %0— 
Year Ended December 31, 2023
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial PR:
Commercial loans secured by real estate— %23$— 
Commercial US1.95 %312,973 
Mortgage loans1.94 %21324 
Consumer loans:
Personal loans2.98 %81— 
Auto loans
3.00 %0— 
The following tables present the amortized cost basis as of December 31, 2024 and 2023, of loans held for investment that had a payment default subsequent to being granted a modification to borrowers experiencing financial difficulty in the prior twelve months.
Twelve-Months Ended December 31, 2024
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
Interest Rate ReductionTerm ExtensionPrincipal Forgiveness/ForbearanceCombination - Term Extension and Interest Rate ReductionTotal
(In thousands)
Mortgage loans$— $149 $— $— $149 
Twelve-Months Ended December 31, 2023
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
Interest Rate ReductionTerm ExtensionPrincipal Forgiveness/ForbearanceCombination - Term Extension and Interest Rate ReductionTotal
(In thousands)
Mortgage loans$— $704 $— $— $704 
A payment default for a financial difficulty modification loan is defined as reaching 90 days past due with respect to principal and/or interest payments or when the borrower missed three consecutive monthly payments since modification. Payment defaults is one of the factors considered when projecting future cash flows in the calculation of the ACL of loans.
OFG closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the payment status of loans that have been modified in the year ended December 31, 2024 and 2023 that were granted to borrowers experiencing financial difficulty.
December 31, 2024
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal
(In thousands)
Commercial US$— $— $— $— $15,543 $15,543 
Mortgage loans118 37 149 304 1,571 1,875 
Consumer loans:
Personal loans— — — — 32 32 
Auto loans— — — — 162 162 
Total$118 $37 $149 $304 $17,308 $17,612 
December 31, 2023
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal
(In thousands)
Commercial PR:
Commercial loans secured by real estate$— $— $— $— $6,332 $6,332 
Other commercial and industrial— — — — 689 689 
— — — — 7,021 7,021 
Commercial US— — — — 10,832 10,832 
Total commercial loans
— — — — 17,853 17,853 
Mortgage loans
471 297 583 1,351 5,673 7,024 
Consumer loans:
Personal loans— — — — 117 117 
Auto loans30 — — 30 84 114 
Total$501 $297 $583 $1,381 $23,727 $25,108 
There were no outstanding commitments to lend additional funds to debtors experiencing financial difficulties at December 31, 2024 and 2023.
As of December 31, 2024 and 2023, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $25.0 million and $24.1 million, respectively. OFG commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent. Puerto Rico and the USVI require the foreclosure to be processed through their respective courts. Foreclosure timelines vary according to local law and investor guidelines. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediation, bankruptcy, court delays and property title issues.
Collateral-dependent Loans
The table below presents the amortized cost of commercial collateral-dependent loans held for investment at December 31, 2024 and 2023, by class of loans.
December 31,
20242023
(In thousands)
Commercial PR:
Commercial loans secured by real estate$6,877 $8,027 
PCD loans, except for single-pooled loans, are not included in the table above as their unit of account is the loan pool.

Credit Quality Indicators
OFG categorizes its loans into loan grades based on relevant information about the ability of borrowers to service their debts, such as economic conditions, portfolio risk characteristics, prior loss experience, and the results of periodic credit reviews of individual loans.
OFG uses the following definitions for loan grades:
Pass: Loans classified as “pass” have a well-defined primary source of repayment very likely to be sufficient, with no apparent risk, strong financial position, minimal operating risk, profitability, liquidity and capitalization better than industry standards.
Special Mention: Loans classified as “special mention” have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.
Substandard: Loans classified as “substandard” are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful: Loans classified as “doubtful” have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, questionable and improbable.
Loss: Loans classified as “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future.
Loans not meeting the criteria above that are analyzed individually as part of the process described above are considered to be pass loans.
As of December 31, 2024, and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans, and current year-to-date period gross charge-offs by year of origination is as follows:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20242023202220212020Prior
(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass$219,185 $204,144 $229,955 $190,891 $106,562 $180,600 $46,448 $1,177,785 
Special Mention— 13,702 7,205 6,192 909 3,721 73 31,802 
Substandard— — 554 1,479 1,198 8,572 1,005 12,808 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial secured by real estate219,185 217,846 237,714 198,562 108,669 192,893 47,526 1,222,395 
Commercial secured by real estate:
YTD gross charge-offs
— 184 — — — 26 — 210 
Other commercial and industrial:
Loan grade:
Pass146,372 269,680 48,516 49,751 23,858 13,508 477,838 1,029,523 
Special Mention— 373 3,281 45,012 — 136 4,920 53,722 
Substandard21 15 317 640 111 825 2,712 4,641 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total other commercial and industrial:146,393 270,068 52,114 95,403 23,969 14,469 485,470 1,087,886 
Other commercial and industrial:
YTD gross charge-offs
117 143 298 3,573 — 238 — 4,369 
Commercial US:
Loan grade:
Pass56,534 120,064 21,648 57,736 20,138 21,884 273,971 571,975 
Special Mention— — — — — — 39,896 39,896 
Substandard16,094 16,422 26,536 4,689 — 5,647 21,204 90,592 
Doubtful1,618 — — — — — — 1,618 
Loss— — — — — — — — 
Total Commercial US:74,246 136,486 48,184 62,425 20,138 27,531 335,071 704,081 
Commercial US:
YTD gross charge-offs
— — 392 1,749 — 1,497 — 3,638 
Total commercial loans$439,824 $624,400 $338,012 $356,390 $152,776 $234,893 $868,067 $3,014,362 
Total YTD gross charge-offs
$117 $327 $690 $5,322 $— $1,761 $— $8,217 
As of December 31, 2023, and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans is as follows:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20232022202120202019Prior
(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass$224,598 $216,205 $195,884 $120,489 $80,671 $131,016 $65,873 $1,034,736 
Special Mention— 1,772 6,554 5,057 15,676 12,500 153 41,712 
Substandard— 459 1,386 1,109 2,615 11,939 1,236 18,744 
Doubtful— — — — — 15 — 15 
Loss— — — — — — — — 
Total commercial secured by real estate224,598 218,436 203,824 126,655 98,962 155,470 67,262 1,095,207 
Commercial secured by real estate:
YTD gross charge-offs
— — 265 — 94 820 — 1,179 
Other commercial and industrial:
Loan grade:
Pass284,615 99,522 113,760 37,665 7,438 14,836 527,008 1,084,844 
Special Mention8 2,953 — — 51 100 — 3,112 
Substandard3 473 826 259 935 186 383 3,065 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total other commercial and industrial:284,626 102,948 114,586 37,924 8,424 15,122 527,391 1,091,021 
Other commercial and industrial:
YTD gross charge-offs
— 124 1,095 89 9 1,180 — 2,497 
Commercial US:
Loan grade:
Pass142,222 63,885 69,233 31,206 28,202 8,085 358,757 701,590 
Special Mention— 7,803 — — — — 20,913 28,716 
Substandard10,832 — — — — 5,699 8,391 24,922 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total Commercial US:153,054 71,688 69,233 31,206 28,202 13,784 388,061 755,228 
Commercial US:
YTD gross charge-offs
33 1,156 642 47 — 8,637 — 10,515 
Total commercial loans$662,278 $393,072 $387,643 $195,785 $135,588 $184,376 $982,714 $2,941,456 
Total YTD gross charge-offs
$33 $1,280 $2,002 $136 $103 $10,637 $— $14,191 
At December 31, 2024 and 2023, the balance of revolving commercial loans converted to term loans was $191.9 million and $144.1 million, respectively.
OFG considers the performance of the loan portfolio and its impact on the ACL. For mortgage and consumer loan classes, OFG also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity.
The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2024:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20242023202220212020Prior
(In thousands)
Mortgage loans:
Payment performance:
Performing$41,100 $18,986 $23,207 $28,034 $20,203 $480,388 $— $611,918 
Nonperforming148 636 107 466 102 15,476 — 16,935 
Total mortgage loans:41,248 19,622 23,314 28,500 20,305 495,864 — 628,853 
Mortgage loans:
YTD gross charge-offs
— — — — — 126 — 126 
Consumer loans:
Personal loans:
Payment performance:
Performing265,955 175,932 114,654 40,794 11,563 8,020 — 616,918 
Nonperforming438 1,292 1,266 353 51 112 — 3,512 
Total personal loans266,393 177,224 115,920 41,147 11,614 8,132 — 620,430 
Personal loans:
YTD gross charge-offs
1,425 10,788 11,973 3,443 700 1,088 — 29,417 
Credit lines:
Payment performance:
Performing— — — — — — 10,001 10,001 
Nonperforming— — — — — — 125 125 
Total credit lines— — — — — — 10,126 10,126 
Credit lines:
YTD gross charge-offs
— — — — — — 156 156 
Credit cards:
Payment performance:
Performing— — — — — — 36,386 36,386 
Nonperforming— — — — — — 570 570 
Total credit cards— — — — — — 36,956 36,956 
Credit cards:
YTD gross charge-offs
— — — — — — 2,781 2,781 
Overdrafts:
Payment performance:
Performing— — — — — — 451 451 
Nonperforming— — — — — — — — 
Total overdrafts— — — — — — 451 451 
Overdrafts:
YTD gross charge-offs
— — — — — — 912 912 
Total consumer loans266,393 177,224 115,920 41,147 11,614 8,132 47,533 667,963 
Total consumer loans YTD gross charge-offs
1,425 10,788 11,973 3,443 700 1,088 3,849 33,266 
Total mortgage and consumer loans$307,641 $196,846 $139,234 $69,647 $31,919 $503,996 $47,533 $1,296,816 
Total mortgage and consumer loans YTD gross charge-offs
$1,425 $10,788 $11,973 $3,443 $700 $1,214 $3,849 $33,392 
The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2023:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20232022202120202019Prior
(In thousands)
Mortgage loans:
Payment performance:
Performing$24,623 $19,722 $23,303 $15,821 $14,589 $511,182 $— $609,240 
Nonperforming— — 181 108 479 19,239 — 20,007 
Total mortgage loans:24,623 19,722 23,484 15,929 15,068 530,421 — 629,247 
Mortgage loans:
YTD gross charge-offs
— 4 — — — 755 — 759 
Consumer loans:
Personal loans:
Payment performance:
Performing270,883 186,612 68,133 19,185 14,460 6,330 — 565,603 
Nonperforming503 1,588 304 193 66 101 — 2,755 
Total personal loans271,386 188,200 68,437 19,378 14,526 6,431 — 568,358 
Personal loans:
YTD gross charge-offs
1,748 10,512 4,661 830 1,384 731 — 19,866 
Credit lines:
Payment performance:
Performing— — — — — — 10,891 10,891 
Nonperforming— — — — — — 35 35 
Total credit lines— — — — — — 10,926 10,926 
Credit lines:
YTD gross charge-offs
— — — — — — 419 419 
Credit cards:
Payment performance:
Performing— — — — — — 39,728 39,728 
Nonperforming— — — — — — 586 586 
Total credit cards— — — — — — 40,314 40,314 
Credit cards:
YTD gross charge-offs
— — — — — — 2,825 2,825 
Overdrafts:
Payment performance:
Performing— — — — — — 296 296 
Nonperforming— — — — — — — — 
Total overdrafts— — — — — — 296 296 
Overdrafts:
YTD gross charge-offs
— — — — — — 545 545 
Total consumer loans271,386 188,200 68,437 19,378 14,526 6,431 51,536 619,894 
Total consumer loans YTD gross charge-offs
1,748 10,512 4,661 830 1,384 731 3,789 23,655 
Total mortgage and consumer loans$296,009 $207,922 $91,921 $35,307 $29,594 $536,852 $51,536 $1,249,141 
Total mortgage and consumer loans YTD gross charge-offs
$1,748 $10,516 $4,661 $830 $1,384 $1,486 $3,789 $24,414 
At December 31, 2024, the balance of mortgage and consumer revolving loans that were converted to term loans was $2.2 million. At December 31, 2023, there were no mortgage and consumer revolving loans that were converted to term loans.
OFG evaluates credit quality for auto loans based on FICO score. The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2024:
Term Loans
Amortized Cost Basis by Origination Year		Total
20242023202220212020Prior
(In thousands)
Auto loans:
FICO score:
1-660$157,865 $191,510 $163,990 $93,675 $41,016 $38,369 $686,425 
661-699172,579 116,145 69,573 36,607 15,583 13,720 424,207 
700+521,507 397,649 243,449 130,613 66,571 54,947 1,414,736 
No FICO5,266 6,630 5,616 3,255 1,265 1,633 23,665 
Total auto loans
$857,217 $711,934 $482,628 $264,150 $124,435 $108,669 $2,549,033 
Auto loans:
YTD gross charge-offs
$4,068 $21,603 $18,912 $8,552 $3,799 $4,717 $61,651 
The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2023:
Term Loans
Amortized Cost Basis by Origination Year		Total
20232022202120202019Prior
(In thousands)
Auto loans:
FICO score:
1-660$170,639 $190,743 $118,821 $57,087 $41,124 $38,570 $616,984 
661-699169,430 110,260 58,166 25,886 18,253 16,137 398,132 
700+474,005 323,514 183,286 103,886 88,929 58,779 1,232,399 
No FICO6,203 6,537 4,592 2,200 3,886 1,597 25,015 
Total auto loans
$820,277 $631,054 $364,865 $189,059 $152,192 $115,083 $2,272,530 
Auto loans:
YTD gross charge-offs
$4,090 $18,142 $10,894 $4,008 $3,380 $3,250 $43,764 

Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the preceding tables.
As of December 31, 2024 and 2023, accrued interest receivable on loans totaled $60.9 million and $63.5 million, respectively, and is included in the accrued interest receivable line in OFG’s consolidated statements of financial condition. Refer to Note 11 – Accrued Interest Receivable and Other Assets for more information on accrued interest receivable on loans.
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES
 12 Months Ended
Dec. 31, 2024
Credit Loss [Abstract]  
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES
OFG measures its ACL based on management’s best estimate of lifetime expected credit losses inherent in OFG’s relevant financial assets. The ACL is estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio, and an economic outlook over the life of the loan. Also included in the ACL are qualitative reserves to cover losses that are expected but, in OFG’s assessment, may not be adequately represented in the quantitative methods or the economic assumptions. In its loss forecasting framework, OFG incorporates forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. The scenarios that are chosen each quarter and the amount of weight given to each scenario depend on a variety of factors, including recent economic events, leading economic indicators, views of internal as well as third-party economists and industry trends. For more information on OFG’s credit loss accounting policies, including the ACL, see Note 1 – Summary of Significant Accounting Policies.
At December 31, 2024, OFG used an economic probability-weighted scenario approach consisting of the baseline and moderate recession scenarios, giving more weight to the baseline scenario, except for the US loan segment that uses a higher probability level in the moderate recessionary scenario. In addition, the ACL at December 31, 2024 continues to include qualitative reserves for certain segments that OFG views as higher risk that may not be fully recognized through its quantitative models, such as auto loan portfolio credit trends and the evolution of risk ratings applied to the commercial loans and collateral changes in real estate portfolios. There are still many unknown variables, including the results of the government’s fiscal and monetary actions resulting from the effect of inflation and geopolitical tension.

As of December 31, 2024, the ACL increased by $14.8 million compared to December 31, 2023. The provision for credit losses for 2024, reflected adjustments of $60.2 million related to loan volume, $12.6 million from loss rate model and $13.4 million in specific reserves, $8.6 million related to four U.S. commercial loans, offset by a $6.0 million release from the economic model. It also included a $5.7 million qualitative adjustment to account for uncertainty of recent increasing auto delinquency trends the model does not fully capture, net of a $2.7 million reserve release mainly due to an improved U.S. macroeconomic perspective earlier in the year.

The net charge-offs for 2024, amounted to $67.8 million, an increase of $15.9 million when compared to the same period of 2023. The increase is due to $17.0 million from auto loans and $9.0 million from consumer loans mainly as a result of higher loan volume, partially offset by a decrease of $8.8 million from commercial loans. Net charge-offs for 2024 include $3.5 million from previously and fully-reserved nonperforming paycheck protection program (“PPP”) loans, partially offset by by a recovery of $2.6 million from the sale of older, previously fully charged-off auto and consumer loans.
The following tables present the activity in OFG’s ACL by segment for 2024, 2023 and 2022:
Year Ended December 31, 2024
CommercialMortgageConsumer
Auto
Total
(In thousands)
Non-PCD:
Balance at beginning of year$44,041 $7,998 $27,086 $73,485 $152,610 
Provision for (recapture of) credit losses6,922 (2,546)33,832 49,514 87,722 
Charge-offs(8,217)(126)(33,266)(61,651)(103,260)
Recoveries2,068 1,069 4,166 26,334 33,637 
Balance at end of year$44,814 $6,395 $31,818 $87,682 $170,709 
PCD:
Balance at beginning of year$1,113 $7,351 $7 $25 $8,496 
Recapture of provision for credit losses(935)(3,985)(58)(197)(5,175)
Charge-offs(967)(178)— (25)(1,170)
Recoveries1,411 1,326 62 204 3,003 
Balance at end of year$622 $4,514 $11 $7 $5,154 
Total allowance for credit losses at end of year$45,436 $10,909 $31,829 $87,689 $175,863 
Year Ended December 31, 2023
CommercialMortgageConsumer
Auto
Total
(In thousands)
Non-PCD:
Balance at beginning of year$39,158 $9,571 $23,264 $69,848 $141,841 
Provision for (recapture of) credit losses18,200 (2,031)23,302 22,294 61,765 
Charge-offs(14,191)(759)(23,655)(43,764)(82,369)
Recoveries874 1,217 4,175 25,107 31,373 
Balance at end of year$44,041 $7,998 $27,086 $73,485 $152,610 
PCD:
Balance at beginning of year$1,388 $9,359 $14 $71 $10,832 
Provision for (recapture of) credit losses901 (2,389)518 (518)(1,488)
Charge-offs(2,794)(317)(621)(170)(3,902)
Recoveries1,618 698 96 642 3,054 
Balance at end of year$1,113 $7,351 $7 $25 $8,496 
Total allowance for credit losses at end of year$45,154 $15,349 $27,093 $73,510 $161,106 

Total net charge-offs for 2023 included $10.5 million charge-offs of US commercial loans and $906 thousand for a small portfolio of non-performing small business commercial loans that were transferred to the held for sale category and sold subsequently; partially offset by a recovery of $3.7 million from the sale of older, previously fully charged-off auto and consumer loans.
Year Ended December 31, 2022
CommercialMortgageConsumer
Auto
Total
(In thousands)
Non-PCD:
Balance at beginning of year$32,262 $15,299 $19,141 $65,363 $132,065 
Provision for (recapture of) credit losses19,076 (8,758)16,084 16,016 42,418 
Charge-offs(13,380)(284)(15,198)(32,662)(61,524)
Recoveries1,200 3,314 3,237 21,131 28,882 
Balance at end of year$39,158 $9,571 $23,264 $69,848 $141,841 
PCD:
Balance at beginning of year$4,508 $19,018 $34 $312 $23,872 
(Recapture of) provision for credit losses(6,855)(10,629)62 (588)(18,010)
Charge-offs(69)(1,695)(176)(310)(2,250)
Recoveries3,804 2,665 94 657 7,220 
Balance at end of year$1,388 $9,359 $14 $71 $10,832 
Total allowance for credit losses at end of year$40,546 $18,930 $23,278 $69,919 $152,673 
Total commercial charge-offs for 2022 included $12.3 million charge-offs that were previously reserved for four commercial loans; two of them were sold during 2022. Total recoveries for 2022 included $2.8 million recovery from a Puerto Rico government public corporation PCD commercial loan repaid during the first quarter of 2022 and $1.1 million recoveries associated with the final settlement of the past due mortgage loans transferred to held for sale during the fourth quarter of 2021 and subsequently sold during the first quarter of 2022.
v3.25.0.1
FORECLOSED REAL ESTATE
 12 Months Ended
Dec. 31, 2024
Other Real Estate [Abstract]  
FORECLOSED REAL ESTATE FORECLOSED REAL ESTATE
The following table presents the activity related to foreclosed real estate for 2024, 2023 and 2022:
Year Ended December 31,
202420232022
(In thousands)
Balance at beginning of year$10,780 $11,214 $15,039 
Additions3,497 10,216 7,872 
Sales(11,894)(13,880)(16,855)
Decline in value(720)(1,152)(1,256)
Other adjustments2,339 4,383 6,414 
Balance at end of year$4,002 $10,780 $11,214 
v3.25.0.1
PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PREMISES AND EQUIPMENT PREMISES AND EQUIPMENT
Premises and equipment at December 31, 2024 and 2023 are stated at cost less accumulated depreciation and amortization as follows:
Useful Life
(Years)		December 31,
20242023
(In thousands)
Land—$4,031 $4,031 
Buildings and improvements
20 — 40
77,267 76,542 
Leasehold improvements
1 — 10
23,176 19,145 
Furniture and fixtures
3 — 10
23,591 21,377 
Information technology and other
3 — 7
69,787 58,898 
197,852 179,993 
Less: accumulated depreciation and amortization(93,340)(75,891)
$104,512 $104,102 
Depreciation and amortization of premises and equipment totaled $20.9 million, $20.4 million and $15.8 million for 2024, 2023 and 2022, respectively. These are included in the consolidated statements of operations as part of occupancy and equipment expenses.
v3.25.0.1
SERVICING ASSETS
 12 Months Ended
Dec. 31, 2024
Transfers and Servicing [Abstract]  
SERVICING ASSETS SERVICING ASSETS
OFG periodically sells or securitizes mortgage loans while retaining the obligation to perform the servicing of such loans. In addition, OFG may purchase or assume the right to service mortgage loans originated by others. Whenever OFG undertakes an obligation to service a loan, management assesses whether a servicing asset and/or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to more than adequately compensate OFG for servicing the loans. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not expected to adequately compensate OFG for its expected cost.
During 2024, OFG acquired the servicing rights to a $1.7 billion mortgage loan portfolio that was being subserviced by the Bank. The fair value at the time of acquisition was $21.4 million.
At December 31, 2024, the fair value of mortgage servicing rights was $70.4 million ($49.5 million — December 31, 2023).
The following table presents the changes in servicing rights measured using the fair value method for 2024, 2023 and 2022:
Year Ended December 31,
202420232022
(In thousands)
Fair value at beginning of year$49,520 $50,921 $48,973 
Acquired servicing rights21,427 — — 
Servicing from mortgage securitization or asset transfers1,737 2,560 3,998 
Changes due to payments on loans(3,979)(4,163)(5,312)
Changes in fair value due to changes in valuation model inputs or assumptions1,730 202 3,262 
Fair value at end of year$70,435 $49,520 $50,921 
The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value as of December 31, 2024, 2023 and 2022:
Year Ended December 31,
202420232022
Constant prepayment rate
1.09% - 15.28%
1.35% - 17.34%
3.43% - 21.20%
Discount rate
10.00% - 15.50%
10.00% - 15.50%
10.00% - 15.50%
The sensitivity of the current fair value of servicing assets to immediate 10 percent and 20 percent adverse changes in the above key assumptions were as follows:
December 31,
20242023
(In thousands)
Mortgage-related servicing asset
Carrying value of mortgage servicing asset$70,435 49,520 
Weighted average life (in years)7.97.3
Constant prepayment rate
Decrease in fair value due to 10% adverse change$(1,276)$(928)
Decrease in fair value due to 20% adverse change$(2,505)$(1,821)
Discount rate
Decrease in fair value due to 10% adverse change$(3,103)$(1,999)
Decrease in fair value due to 20% adverse change$(5,966)$(3,856)
These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. In addition, in this table, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without changing any other assumption.
Changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the consolidated statements of operations, include the changes from period to period in the fair value of the mortgage loan servicing rights, which may result from changes in the valuation model inputs or assumptions
(principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows.
Servicing fee income is based on a contractual percentage of the outstanding principal balance and is recorded as income when earned and included in the mortgage banking activities section in the consolidated statement of operations. Servicing fees on mortgage loans for 2024, 2023 and 2022 totaled $19.9 million and $19.0 million and $20.3 million, respectively.
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Goodwill by reportable business segment is included in the table below. Refer to Note 28 – Business Segments for additional information on OFG’s reportable business segments.
BankingWealth ManagementTreasuryTotal
(In thousands)
December 31, 2024$84,063 $178 $— $84,241 
December 31, 2023$84,063 $178 $— $84,241 
December 31, 2022$84,063 $178 $— $84,241 

There were no changes in the carrying amount of goodwill as of December 31, 2024 and 2023. There were no accumulated impairment losses during 2024, 2023 and 2022.
Relevant events and circumstances for evaluating whether it is more likely than not that the fair value of a reporting segment is less than its carrying amount may include macroeconomic conditions (such as deterioration of the Puerto Rico economy or the liquidity for Puerto Rico securities or loans secured by assets in Puerto Rico), adverse changes in legal factors or in the business climate, adverse actions by a regulator, unanticipated competition, the loss of key employees, natural disasters, or similar events.
During 2024 and 2023, OFG performed an assessment of events or circumstances that could trigger reductions in the book value of the goodwill. Based on this assessment, no impairments were identified at December 31, 2024 and 2023.

The following table reflects the components of other intangible assets subject to amortization at December 31, 2024 and 2023:
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Value
(In thousands)
December 31, 2024
Core deposit intangibles$41,507 $30,187 $11,320 
Customer relationship intangibles12,693 9,231 3,462 
Total other intangible assets$54,200 $39,418 $14,782 
December 31, 2023
Core deposit intangibles$41,507 $25,659 $15,848 
Customer relationship intangibles12,693 7,847 4,846 
Total other intangible assets$54,200 $33,506 $20,694 

In connection with previous acquisitions, OFG recorded core deposit intangibles representing the value of checking and savings deposits acquired. In addition, OFG recorded customer relationship intangibles representing the value of customer relationships acquired with its acquisitions of insurance agencies. During 2024 and 2023, OFG performed an assessment of events or circumstances that could trigger reductions in the book value of other intangible assets. Based on this assessment, no impairments were identified at December 31, 2024 and 2023.
Other intangible assets have a definite useful life. Amortization of other intangible assets for the years ended December 31, 2024, 2023 and 2022, was $5.9 million, $6.9 million and $8.5 million, respectively.
The following table presents the estimated amortization of other intangible assets for each of the following periods.
Year Ending December 31,(In thousands)
20254,928 
20263,942 
20272,956 
20281,971 
2029985 
v3.25.0.1
ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS
 12 Months Ended
Dec. 31, 2024
Accrued Interest Receivable and Other Assets [Abstract]  
ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS
Accrued interest receivable at December 31, 2024 and 2023 consists of the following:
December 31,
20242023
(In thousands)
Loans$60,864 $63,526 
Investments10,803 7,874 
$71,667 $71,400 
Accrued interest receivable on loans that participated in the Hurricane Fiona and Covid-19 deferral programs amounted to $18.1 million at December 31, 2024, of which $16.3 million corresponded to loans in current status, and $20.2 million at December 31, 2023, of which $18.2 million corresponded to loans in current status. OFG estimates expected credit losses on accrued interest receivable for loans that participated in moratorium programs. An allowance has been established for loans with delinquency status in 30 to 89 days past due and is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. At December 31, 2024 and 2023, the ACL for accrued interest receivable for loans that participated in moratorium programs amounted to $68 thousand and $85 thousand, respectively, and is included in accrued interest receivable in the statement of financial condition.
Other assets at December 31, 2024 and 2023 consist of the following:
December 31,
20242023
(In thousands)
Prepaid expenses$72,093 $63,040 
Other repossessed assets6,595 4,032 
Accounts receivable and other assets70,191 47,859 
$148,879 $114,931 
Prepaid expenses amounting to $72.1 million at December 31, 2024, include prepaid municipal, property and income taxes aggregating to $62.2 million. At December 31, 2023 prepaid expenses amounted to $63.0 million, including prepaid municipal, property and income taxes aggregating to $54.7 million.
Other repossessed assets totaled $6.6 million and $4.0 million at December 31, 2024 and 2023, respectively, and consist of repossessed automobiles, which are recorded at their net realizable value.
v3.25.0.1
DEPOSITS AND RELATED INTEREST
 12 Months Ended
Dec. 31, 2024
Deposits and Related Interest [Abstract]  
DEPOSITS AND RELATED INTEREST DEPOSITS AND RELATED INTEREST
Total deposits, including related accrued interest payable, as of December 31, 2024 and 2023 consist of the following:
December 31,
20242023
(In thousands)
Non-interest-bearing demand deposits$2,493,860 $2,537,431 
Interest-bearing savings and demand deposits5,198,462 5,601,099 
Retail certificates of deposit1,170,560 1,083,316 
Institutional certificates of deposit585,829 378,143 
Total core deposits9,448,711 9,599,989 
Brokered deposits156,075 162,180 
Total deposits$9,604,786 $9,762,169 
At December 31, 2024 and 2023, the aggregate amount of uninsured deposits was $4.915 billion (51.17% of total deposits) and $4.885 billion (50.04% of total deposits), respectively.
The weighted average interest rate of OFG’s deposits was 1.56% and 0.88%, respectively, at December 31, 2024 and 2023.
Interest expense for 2024, 2023 and 2022 was as follows:
Year Ended December 31,
202420232022
(In thousands)
Demand and savings deposits$101,733 $48,722 $24,261 
Certificates of deposit48,547 27,243 7,978 
$150,280 $75,965 $32,239 
At December 31, 2024 and 2023, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $1.049 billion and $747.2 million, respectively.
At December 31, 2024 and 2023, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $1.445 billion and $1.618 billion, respectively. These public funds were collateralized with securities and commercial loans amounting to $1.507 billion and $1.645 billion at December 31, 2024 and 2023, respectively.
Excluding accrued interest of approximately $3.1 million and $3.0 million, the scheduled maturities of certificates of deposit at December 31, 2024 and 2023 are as follows:
December 31, 2024
Period-end amount
Uninsured amount
(In thousands)
Within one year:
Three months or less$645,919 $336,912 
Over 3 months through 6 months293,693 99,596 
Over 6 months through 1 year492,799 201,877 
1,432,411 638,385 
Over 1 through 2 years340,176 95,690 
Over 2 through 3 years63,044 9,017 
Over 3 through 4 years39,462 4,176 
Over 4 through 5 years33,549 4,084 
Over 5 years722 115 
$1,909,364 $751,467 
December 31, 2023
Period-end amount
Uninsured amount
(In thousands)
Within one year:
Three months or less$457,533 $115,392 
Over 3 months through 6 months195,902 61,245 
Over 6 months through 1 year329,758 113,524 
983,193 290,161 
Over 1 through 2 years467,348 201,478 
Over 2 through 3 years94,450 13,971 
Over 3 through 4 years29,514 1,379 
Over 4 through 5 years45,575 4,665 
Over 5 years608 — 
$1,620,688 $511,654 
The tables of scheduled maturities of certificates of deposits above includes brokered-deposits and individual retirement accounts.
The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans as of December 31, 2024 amounted to $3.2 million, which included $2.5 million from two commercial clients and were repaid subsequently, and $564 thousand as of December 31, 2023.
v3.25.0.1
BORROWINGS AND RELATED INTEREST
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
BORROWINGS AND RELATED INTEREST BORROWINGS AND RELATED INTEREST
Advances from the Federal Home Loan Bank of New York
Advances are received from the FHLB-NY under an agreement whereby OFG is required to maintain as collateral an amount of qualifying collateral which has a fair market value that is least equal to the FHLB-NY collateral maintenance level. At December 31, 2024 and 2023, these advances were secured by mortgage and commercial loans amounting to $1.1 billion and $1.0 billion, respectively. Further, at December 31, 2024 and 2023, OFG had an additional borrowing capacity with the FHLB of $383.1 million and $446.0 million, respectively. At December 31, 2024 and 2023, the weighted average remaining maturity of FHLB advances was 4 months and 1.2 years, respectively.
The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $952 thousand and $768 thousand at December 31, 2024 and 2023, respectively:
December 31,
20242023
(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.56%
$270,000 $— 
Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 3.79% (December 31, 2023 - 4.52%)
55,000 200,000 
$325,000 $200,000 
Advances from FHLB mature as follows:
December 31,
20242023
(In thousands)
Over 90 days to one year$270,000 $— 
Over one to three years55,000 200,000 
$325,000 $200,000 
Securities Sold under Agreements to Repurchase
At December 31, 2024, securities underlying agreements to repurchase were delivered to, and are being held by, the counterparties with whom the repurchase agreements were transacted. The counterparties have agreed to resell to OFG the same or similar securities at the maturity of these agreements. The purpose of these transactions is to provide financing for OFG’s securities portfolio.
The following table shows OFG’s repurchase agreements, excluding accrued interest in the amount of $222 thousand at December 31, 2024:
December 31,
2024
(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.63%
$75,000 
Repurchase agreements’ maturities were as follows:
December 31,
2024
(In thousands)
Under 90 days$75,000 
Repurchase agreements referred to above with maturity dates up to the date of this report were renewed as short-term repurchase agreements.
The following securities were sold under agreements to repurchase:
December 31, 2024
Underlying SecuritiesAmortized Cost of Underlying SecuritiesBalance of BorrowingApproximate Fair Value of Underlying SecuritiesWeighted Average Interest Rate of Security
(In thousands)
FNMA and FHLMC Certificates$81,409 $75,000 $80,968 5.25 %
There were no repurchase agreements at December 31, 2023.
v3.25.0.1
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2024
Offsetting [Abstract]  
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES
OFG’s securities sold under agreements to repurchase have a right of set-off with the respective counterparty under the supplemental terms of the master repurchase agreements. In an event of default, each party has a right of set-off against the other party for amounts owed in the related agreements and any other amount or obligation owed in respect of any other agreement or transaction between them. Security collateral posted to open and maintain a master netting agreement with a counterparty, in the form of cash and securities, may from time to time be segregated in an account at a third-party custodian pursuant to an account control agreement.
The following table presents the potential effect of rights of set-off associated with OFG’s recognized financial assets and liabilities at December 31, 2024:
December 31, 2024
Gross Amounts Not Offset in the Statement of
 Financial Condition
Gross Amount
of Recognized
Liabilities		Gross Amounts
Offset in the
Statement of
Financial
Condition		Net Amount of
Liabilities
Presented
in Statement
of Financial
Condition
Financial
Instruments		Cash
Collateral
Provided		Net
Amount
(In thousands)
Securities sold under agreements to repurchase75,000 — 75,000 80,968 — (5,968)
There were no repurchase agreements at December 31, 2023.
v3.25.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
OFG offers three profit-sharing plans, participation is according to the employment region: Puerto Rico, the United States mainland (the “US”) and the USVI (collectively, the “Plans”). The Puerto Rico employee plan contains a cash or deferred arrangement qualified under Sections 1081.01(a) and 1081.01(d) of the Puerto Rico Internal Revenue Code of 2011, as amended (the “PR Code”), and Sections 401(a) and 401(k) of the United States Internal Revenue Code of 1986, as amended (the “US Code”). Under this plan, participants were permitted to contribute up to $20,000 in 2024.
The US and USVI profit-sharing plans provide a cash or deferred arrangement qualified under Sections 401(a) and 401(k) of the United States Internal Revenue Code of 1986, as amended (the “US Code”). Under these plans, participants were permitted to contribute up to $23,000 in 2024.
The Plans are subject to the provisions of Title I of the Employee Retirement Income Security Act of 1976, as amended (“ERISA”), and cover all full-time employees of OFG who are 21 or older and at least have three months of employment. OFG’s matching contribution is 50 cents for each dollar contributed by an employee, up to 8% of such employee’s base salary. Each Plan is invested in accordance with the employee’s decision among the available investment alternatives provided by the Plans. The Plans are entitled to acquire and hold qualifying employer securities as part of their investment of the trust assets pursuant to ERISA Section 407. OFG’s contribution becomes 100% vested once the employee completes three years of service. During 2024, 2023 and 2022, OFG contributed $2.9 million, $2.7 million and $2.4 million, respectively, in cash to the Plans.
In addition, OFG offers to its senior management a non-qualified deferred compensation plan, whereby participants can defer taxable income. Both the employer and the employee have flexibility because non-qualified plans are generally not subject to ERISA nor the PR Code and the US Code contribution limits and discrimination tests in terms of who must be included in the plan. Under this plan, the employee’s current taxable income is reduced by the amount being deferred. Generally, funds deposited in a deferred compensation plan can accumulate without current income tax to the individual. Income taxes are due when the funds are withdrawn.
v3.25.0.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
OFG grants loans to its directors and executive officers and to certain related individuals or organizations in the ordinary course of business. These loans are offered at the same terms as loans to unrelated third parties. The activity and balance of these loans for 2024, 2023, and 2022 was as follows:
Year Ended December 31,
202420232022
(In thousands)
Balance at the beginning of year$27,483 $32,792 $25,915 
New loans and disbursements1 507 9,706 
Repayments(507)(5,816)(2,829)
Credits of persons no longer considered related parties(26,639)— — 
Balance at the end of year$338 $27,483 $32,792 
OFG also hired professional services amounting to $3.2 million, $3.3 million and $4.3 million for 2024, 2023, and 2022, respectively, from a related party.
OFG, through its banking subsidiary, entered into a commitment to make an equity investment in a limited partnership classified as a small business investment company. The partnership is managed by a Puerto Rico limited liability company, as general partner, which is led by a group of investment professionals, including a person related to a member of OFG’s Board of Directors at that time, which retired in May 2024. OFG, as limited partner, committed to the partnership $3.0 million. At both December 31, 2024 and 2023, OFG’s investment in the partnership amounted to $2.5 million.
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
OFG is subject to the provisions of the PR Code. The PR Code imposed a maximum statutory corporate tax rate of 37.5%. OFG has operations in the mainland United States through its wholly owned subsidiaries OFG Ventures and OFG USA, which is a direct subsidiary of the Bank, and has two branches in the USVI. The United States subsidiaries are subject to federal income taxes at the corporate level, while the USVI branches are subject to federal income taxes under a mirror system and a 10% surtax included in the maximum tax rate. OFG USA is subject to North Carolina state taxes, and current investments in OFG Ventures are subject to state taxes in Missouri. In addition, OFG's wholly owned subsidiary, OFG Reinsurance, is tax exempt in Grand Cayman.
Under the PR Code, all companies are treated as separate taxable entities and are not entitled to file consolidated tax returns. OFG and its subsidiaries organized under the laws of Puerto Rico are generally subject to Puerto Rico regular income tax or the alternative minimum tax (“AMT”) on income earned from all sources. OFG’s subsidiaries organized outside of Puerto Rico are taxed in Puerto Rico only with respect to income from Puerto Rico sources or effectively connected to a Puerto Rico trade or business. The AMT is payable if it exceeds regular income tax. The excess of AMT over regular income tax paid in any one year may be used to offset regular income tax in future years, subject to certain limitations.
The components of income tax expense for 2024, 2023, and 2022 were as follows:
Year Ended December 31,
202420232022
(In thousands)
Current income tax expense
$34,017 $16,027 $16,740 
Deferred income tax expense21,561 67,349 61,126 
Total income tax expense$55,578 $83,376 $77,866 
In relation to the exempt income level, the Bank’s investment securities portfolio and loans portfolio generated net tax-exempt interest income of $29.5 million, $28.6 million and $26.3 million during 2024, 2023, and 2022, respectively. OIB generated exempt income of $9.1 million, $3.9 million and $4.4 million for 2024, 2023, and 2022, respectively.
OFG maintained an effective tax rate lower than statutory rate for 2024, mainly related to exempt investments, investments subject to preferential tax treatment under the PR Code, doing business through OFG’s subsidiaries that are full exempt or have a lower statutory tax rate, and changes on the valuation allowance of OFG.
OFG’s income tax expense differs from amounts computed by applying the applicable statutory rate to income before income taxes as follows:
Year Ended December 31,
202420232022
AmountRateAmountRateAmountRate
(Dollars in thousands)
Income tax expense at statutory rates$95,156 37.50 %$99,468 37.50 %$91,539 37.50 %
Tax of exempt income, net(14,485)(5.71)%(12,201)(4.60)%(11,523)(4.72)%
Disallowed expense and net operating loss carryover
234 0.09 %(350)(0.13)%(267)(0.11)%
Change in valuation allowance(2,168)(0.85)%(1,554)(0.59)%(502)(0.21)%
Unrecognized tax benefits, net69 0.03 %69 0.03 %69 0.03 %
Capital gain (loss) at preferential rate5 — %472 0.18 %(787)(0.32)%
Tax rate difference (ordinary vs capital)23 0.01 %(817)(0.31)%(247)(0.10)%
Preferential tax treatment on qualified investment activities
(16,021)(6.31)%— — %— — %
Return to provision adjustments(2,083)(0.82)%(721)(0.27)%(407)(0.17)%
Stock-based compensation windfall
(1,232)(0.49)%— — %— — %
Difference in tax rates due to multiple jurisdictions(1,929)(0.76)%(963)(0.36)%— — %
Tax credits(1,667)(0.66)%— — %— — %
Other items, net(324)(0.13)%(27)(0.02)%(9)— %
Income tax expense$55,578 21.90 %$83,376 31.43 %$77,866 31.90 %
OFG’s effective tax rate for 2024, 2023 and 2022 was 21.9%, 31.4% and 31.9%, respectively.

OFG classifies unrecognized tax benefits in other liabilities. These gross unrecognized tax benefits would affect the effective tax rate if realized. At December 31, 2024, the amount of unrecognized tax benefits was $1.0 million (December 31, 2023 - $936 thousand). OFG had accrued $69 thousand at December 31, 2024 (December 31, 2023 - $69 thousand) for the payment of interest and penalties related to unrecognized tax benefits.
The following table presents a reconciliation of unrecognized tax benefits:
Year Ended December 31,
202420232022
(In thousands)
Balance at beginning of year$936 $867 $798 
Additions for tax positions of prior years69 69 69 
Balance at end of year$1,005 $936 $867 
OFG follows a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals of litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The amount of unrecognized tax benefits may increase or decrease in the future due to new or current tax year positions, expiration of open income tax returns, changes in management’s judgment about the level of uncertainty, status of examinations, litigation and legislative activity. For 2024, there was a net increase in unrecognized tax benefit of $69 thousand.
The statute of limitations under the PR Code is four years and the statute of limitations under the US Code is three years, after a tax return is due or filed, whichever is later. OFG is potentially subject to income tax audits in the Commonwealth of Puerto Rico for taxable years 2020 to 2023, until the applicable statute of limitations expires. In addition, OFG’s US subsidiaries are potentially subject to income tax audits by the IRS for taxable years 2021 to 2023. Tax audits by their nature are often complex and can require several years to complete.
The determination of the deferred tax expense or benefit is generally based on changes in the carrying amounts of assets and liabilities that generate temporary differences. The carrying value of OFG’s net deferred tax assets assumes that OFG will be able to generate sufficient future taxable income based on estimates and assumptions. If these estimates and related assumptions change in the future, OFG may be required to record valuation allowances against its deferred tax assets resulting in additional income tax expense in the consolidated statements of operations. Significant components of OFG’s deferred tax assets and liabilities as of December 31, 2024, and 2023 were as follows:
December 31,
20242023
(In thousands)
Deferred tax assets:
Allowance for credit losses and other reserves$62,913 $58,612 
Scotiabank PR discount— 463 
Loans and other real estate valuation adjustment1,211 1,905 
Deferred loan charge-offs4,523 16,147 
Net operating loss carry forwards4,878 6,548 
Alternative minimum tax13,822 13,553 
Unrealized net loss on available-for-sale securities16,125 11,525 
Goodwill— 3,542 
Acquired portfolio29,620 37,374 
Other assets allowances2,022 1,692 
Other deferred tax assets21,470 16,344 
Total gross deferred tax asset156,584 167,705 
Less: valuation allowance(5,421)(7,589)
Net gross deferred tax assets151,163 160,116 
Deferred tax liabilities:
Acquired loans tax basis(137,022)(137,143)
Servicing asset(23,359)(15,516)
Building valuation adjustment(5,668)(6,104)
FDIC-assisted Eurobank acquisition, net(5,062)(5,481)
Customer deposit and customer relationship intangibles(2,981)(4,943)
Goodwill(3,167)— 
Scotiabank PR discount(980)— 
Other deferred tax liabilities(7,394)(8,450)
Total gross deferred tax liabilities(185,633)(177,637)
Net deferred tax liability$(34,470)$(17,521)
The net deferred tax liability shown in the table above at December 31, 2024 is reflected in the consolidated balance sheet as $6.2 million in deferred tax assets, net of a valuation allowance of $4.7 million, and $40.7 million in the deferred tax liabilities, net with a valuation allowance of $694 thousand, reflecting the aggregate deferred tax assets or liabilities of individual tax-paying subsidiaries of OFG. The net deferred tax liability shown in the table above at December 31, 2023 is reflected in the consolidated balance sheet as $4.9 million in deferred tax assets, net of a valuation allowance of $7.0 million, and $22.4 million in the deferred tax liabilities, net with a valuation allowance of $569 thousand, reflecting the aggregate deferred tax assets or liabilities of individual tax-paying subsidiaries of OFG.

The decrease in valuation allowance of $2.2 million was mainly related to additional taxable income in OFG’s operations. OFG has $4.9 million in deferred tax asset related to net operating loss carry forwards (“NOL”), which has a valuation allowance of $4.7 million. The NOL has expiration dates between 2025 and 2034. In assessing the realizability of the deferred tax asset, management considers whether it is more likely than not that some portion or the entire deferred tax asset will not be realized. The ultimate realization of the deferred tax asset is dependent upon the generation of future income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future income, and tax planning strategies in making this assessment. Based upon the assessment of positive and negative evidence, the level of historical taxable income, projections for future taxable income over the periods in which the deferred tax asset are deductible, and provisions of certain closing agreements, management believes it is more likely than not that OFG will realize the benefits of these deductible differences, net of the existing valuation allowances, at December 31, 2024. The amount of the deferred tax asset that is considered realizable could be reduced in the near term if there are changes in estimates of future taxable income.
v3.25.0.1
REGULATORY CAPITAL REQUIREMENTS
 12 Months Ended
Dec. 31, 2024
Capital Disclosure [Abstract]  
REGULATORY CAPITAL REQUIREMENTS REGULATORY CAPITAL REQUIREMENTS
Regulatory Capital Requirements
OFG (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal and Puerto Rico banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on OFG’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, OFG and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. OFG and the Bank have elected to exclude accumulated comprehensive income (loss) related to both available for sale securities and derivative valuations from Common Equity Tier 1 Capital.
The risk-based capital standards applicable to OFG and the Bank (“Basel III capital rules”) are based on the final capital framework for strengthening international capital standards, known as Basel III, of the Basel Committee on Banking Supervision. Pursuant to the Basel III capital rules, OFG and the Bank are required to maintain the following:
•A minimum ratio of common equity Tier 1 capital (“CET1”) to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer” that is composed entirely of CET1 capital (resulting in a minimum ratio of CET1 to risk-weighted assets of at least 7.0%).
•A minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (resulting in a minimum Tier 1 capital ratio of 8.5%).
•A minimum ratio of total capital (Tier 1 capital plus Tier 2 capital) to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (resulting in a minimum total capital ratio of 10.5%).
•A minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to average assets.
The federal banking regulatory agencies adopted a final rule pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 that simplifies for banking organizations following non-advanced approaches the regulatory capital treatment for MSAs and certain deferred tax assets arising from temporary differences (temporary difference DTAs). It increased CET1 capital threshold deductions from 10% to 25% and removed the aggregate 15% CET1 threshold deduction. However, it retained the 250% risk weight applicable to non-deducted amounts of MSAs and temporary difference DTAs.
On March 27, 2020, in response to the Covid-19 pandemic, U.S. banking regulators issued an interim final rule that OFG adopted to delay for two years the initial adoption impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided during 2021 and 2022 (i.e., a five-year transition period). During the two-year delay, OFG added back to CET1 capital 100 percent of the initial adoption impact of CECL plus 25 percent of the cumulative quarterly changes in the ACL (i.e., quarterly transitional amounts). After two years, starting on
January 1, 2022, the quarterly transitional amounts along with the initial adoption impact of CECL is being phased out of CET1 capital over a three-year period.
As of December 31, 2024 and 2023, OFG and the Bank met all capital adequacy requirements to which they are subject. As of December 31, 2024 and 2023, OFG and the Bank are “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” an institution must maintain minimum CET1 risk-based, Tier 1 risk-based, total risk-based, and Tier 1 leverage ratios as set forth in the tables presented below.
OFG’s and the Bank’s actual capital amounts and ratios as of December 31, 2024 and 2023 were as follows:
ActualMinimum Capital
Requirement (including
capital conservation buffer)		Minimum to be Well
Capitalized
AmountRatioAmountRatioAmountRatio
(Dollars in thousands)
OFG Bancorp Ratios
As of December 31, 2024
Total capital to risk-weighted assets$1,367,692 15.52 %$925,305 10.50 %$881,242 10.00 %
Tier 1 capital to risk-weighted assets$1,256,906 14.26 %$749,056 8.50 %$704,994 8.00 %
Common equity tier 1 capital to risk-weighted assets$1,256,906 14.26 %$616,870 7.00 %$572,807 6.50 %
Tier 1 capital to average total assets$1,256,906 10.93 %$460,138 4.00 %$575,172 5.00 %
As of December 31, 2023
Total capital to risk-weighted assets$1,278,537 15.37 %$873,369 10.50 %$831,780 10.00 %
Tier 1 capital to risk-weighted assets$1,174,205 14.12 %$707,013 8.50 %$665,424 8.00 %
Common equity tier 1 capital to risk-weighted assets$1,174,205 14.12 %$582,246 7.00 %$540,657 6.50 %
Tier 1 capital to average total assets$1,174,205 11.03 %$425,911 4.00 %$532,389 5.00 %
ActualMinimum Capital
Requirement (including
capital conservation buffer)		Minimum to be Well
Capitalized
AmountRatioAmountRatioAmountRatio
(Dollars in thousands)
Bank Ratios
As of December 31, 2024
Total capital to risk-weighted assets$1,301,684 14.86 %$919,781 10.50 %$875,982 10.00 %
Tier 1 capital to risk-weighted assets$1,191,547 13.60 %$744,585 8.50 %$700,786 8.00 %
Common equity tier 1 capital to risk-weighted assets$1,191,547 13.60 %$613,187 7.00 %$569,388 6.50 %
Tier 1 capital to average total assets$1,191,547 10.45 %$456,144 4.00 %$570,179 5.00 %
As of December 31, 2023
Total capital to risk-weighted assets$1,179,164 14.27 %$867,797 10.50 %$826,474 10.00 %
Tier 1 capital to risk-weighted assets$1,075,487 13.01 %$702,503 8.50 %$661,179 8.00 %
Common equity tier 1 capital to risk-weighted assets$1,075,487 13.01 %$578,532 7.00 %$537,208 6.50 %
Tier 1 capital to average total assets$1,075,487 10.20 %$421,660 4.00 %$527,075 5.00 %
v3.25.0.1
STOCK-BASED COMPENSATION PLAN
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION PLAN STOCK-BASED COMPENSATION PLAN
The Omnibus Plan provides for stock-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, and dividend equivalents, as well as stock-based performance awards.
The activity in outstanding options for 2024, 2023, and 2022 is set forth below:
Year Ended December 31,
202420232022
Number
Of
Options		Weighted
Average
Exercise
Price		Number
Of
Options		Weighted
Average
Exercise
Price		Number
Of
Options		Weighted
Average
Exercise
Price
Beginning of year16,600 $16.92 234,950 $16.38 338,494 $15.76 
Options exercised(15,200)16.88 (218,350)16.34 (103,544)14.34 
End of year1,400 $17.44 16,600 $16.92 234,950 $16.38 
The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2024:
OutstandingExercisable
Range of Exercise PricesNumber of
Options		Weighted
Average
Exercise Price		Weighted
Average
Contract Life
Remaining
(Years)		Number of
Options		Weighted
Average
Exercise Price
16.91 to 19.71
1,400 17.44 0.21,400 17.44 
Aggregate Intrinsic Value$34,832 $34,832 
There were no options granted during 2024, 2023 and 2022. The average fair value of each option granted would have been estimated at the date of the grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no restrictions and are fully transferable and negotiable in a free trading market. Black-Scholes does not consider the employment, transfer or vesting restrictions that are inherent in OFG’s stock options. Use of an option valuation model, as required by GAAP, includes highly subjective assumptions based on long-term predictions, including the expected stock price volatility and average life of each option grant.
The following table summarizes the activity in restricted units under the Omnibus Plan for 2024, 2023 and 2022:
Year Ended December 31,
202420232022
Restricted
Units		Weighted
Average
Grant Date
Fair Value		Restricted
Units		Weighted
Average
Grant Date
Fair Value		Restricted
Units		Weighted
Average
Grant Date
Fair Value
Beginning of year410,997 $25.43 408,832 $22.27 511,740 $19.35 
Restricted units granted290,193 35.57 204,048 27.84 178,281 27.89 
Restricted units lapsed(268,406)25.31 (181,692)20.85 (277,866)17.08 
Restricted units forfeited(54,494)30.17 (20,191)25.18 (3,323)22.89 
End of year378,290 $32.61 410,997 $25.43 408,832 $22.27 
The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2024 was $7.2 million and is expected to be recognized over a weighted-average period of 1.8 years.
v3.25.0.1
STOCKHOLDERS’ EQUITY
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Common Stock
At both December 31, 2024 and 2023, common stock amounted to $59.9 million.
Additional Paid-in Capital
Additional paid-in capital represents contributed capital in excess of par value of common stock, net of the costs of issuance. At both December 31, 2024 and 2023, accumulated common stock issuance costs charged against additional paid-in capital amounted to $13.6 million.
Legal Surplus
The Banking Act requires that a minimum of 10% of the Bank’s net income for the year be transferred to a reserve fund until such fund (legal surplus) equals the total paid-in capital on common and preferred stock. At December 31, 2024 and 2023, the Bank’s legal surplus amounted to $169.5 million and $151.0 million, respectively. During 2024, 2023 and 2022 OFG transferred $18.6 million, $17.1 million and $16.2 million, respectively, to the legal surplus account. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders.
Treasury Stock
In January 2024, the Board of Directors approved a $50.0 million stock repurchase program. The new stock repurchase program, which is open-ended, replaced the prior stock repurchase program, which had been approved by the Board of Directors in January 2022 and had $17.2 million remaining of its $100 million repurchase parameters. In October 2024, the Board of Directors approved a new $50.0 million stock repurchase program, in addition to the stock repurchase program approved in January 2024. The shares of common stock repurchased are held by OFG as treasury shares. OFG records treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock.
During 2024, OFG repurchased 1,791,414 shares for a total of $70.3 million at an average price of $39.26 per share. During 2023 and 2022, OFG repurchased 743,699 and 2,351,868 shares, respectively, for a total of $18.7 million and $64.1 million at an average price of $25.08 and $27.26 per share. These repurchases were part of the stock repurchase programs approved for those periods.
At December 31, 2024, the estimated remaining number of shares that may be purchased under the $50.0 million programs is 701,236 and was calculated by dividing the remaining balance of $29.7 million by $42.32 (closing price of OFG’s common stock at December 31, 2024).
OFG did not repurchase any shares of its common stock during 2024, 2023 and 2022 other than through its publicly announced stock repurchase programs.
The activity in connection with common shares held in treasury by OFG for 2024, 2023 and 2022 is set forth below:
Year Ended December 31,
202420232022
SharesDollar
Amount		SharesDollar
Amount		SharesDollar
Amount
(In thousands, except shares data)
Beginning of year
12,820,078 $228,350 12,303,859 $211,135 10,248,882 $150,572 
Common shares used upon lapse of restricted stock units and options(166,527)(1,683)(227,480)(1,438)(296,891)(3,547)
Common shares repurchased as part of the stock repurchase programs1,791,414 70,324 743,699 18,653 2,351,868 64,110 
End of year
14,444,965 $296,991 12,820,078 $228,350 12,303,859 $211,135 
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss, net of income taxes, as of December 31, 2024 and 2023 consisted of:
December 31,
20242023
(In thousands)
Unrealized loss on securities available-for-sale$(105,930)$(78,497)
Income tax effect of unrealized loss on securities available-for-sale16,091 11,484 
Net unrealized loss on securities available-for-sale(89,839)(67,013)
Accumulated other comprehensive loss, net of income taxes$(89,839)$(67,013)
The following table presents changes in accumulated other comprehensive loss by component, net of taxes, for 2024, 2023 and 2022:
Year Ended December 31, 2024
Net unrealized loss on securities available-for-sale
(In thousands)
Beginning balance$(67,013)
Other comprehensive loss (22,826)
Ending balance$(89,839)
Year Ended December 31, 2023
Net unrealized
loss on
securities
available-for-sale		Net unrealized
gain on
cash flow
hedges		Accumulated
other
comprehensive
loss
(In thousands)
Beginning balance$(93,663)$254 $(93,409)
Other comprehensive income (loss) before reclassifications27,792 (5,647)22,145 
Amounts reclassified out of accumulated other comprehensive loss(1,142)5,393 4,251 
Other comprehensive income (loss)26,650 (254)26,396 
Ending balance$(67,013)$— $(67,013)
Year Ended December 31, 2022
Net unrealized
loss on
securities
available-for-sale		Net unrealized
gain on
cash flow
hedges		Accumulated
other
comprehensive
loss
(In thousands)
Beginning balance$5,663 $(503)$5,160 
Other comprehensive (loss) income before reclassifications(99,087)24 (99,063)
Amounts reclassified out of accumulated other comprehensive loss(239)733 494 
Other comprehensive (loss) income(99,326)757 (98,569)
Ending balance$(93,663)$254 $(93,409)
The following table presents reclassifications out of accumulated other comprehensive loss for 2024, 2023 and 2022:
Amount reclassified out of accumulated other comprehensive loss Year Ended December 31,
Affected Line Item in
Consolidated Statement of
Operations
202420232022
(In thousands)
Cash flow hedges:
Interest-rate contracts$— $5,393 $733 Net interest expense
Available-for-sale securities:
Loss on sale of investments(7)(1,149)(247)Net loss on sale of securities
Tax effect from changes in tax rates7 7 8 Income tax expense
$— $4,251 $494 
v3.25.0.1
EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
The calculation of earnings per common share for 2024, 2023 and 2022 is as follows:
Year Ended December 31,
202420232022
(In thousands, except per share data)
Income available to common shareholders$198,170 $181,872 $166,239 
Average common shares outstanding46,637 47,258 48,033 
Effect of dilutive securities:
Average potential common shares-options265 294 403 
Total weighted average common shares outstanding and equivalents$46,902 $47,552 $48,436 
Earnings per common share - basic$4.25 $3.85 $3.46 
Earnings per common share - diluted$4.23 $3.83 $3.44 

For 2024, 2023 and 2022 weighted-average restricted stock units with an anti-dilutive effect on earnings per share not included in the calculation amounted to 1,220, 8,695 and 1,279, respectively.
During 2024, OFG increased its quarterly common stock cash dividend to $0.25 per share from $0.22 per share at December 31, 2023.
v3.25.0.1
GUARANTEES
 12 Months Ended
Dec. 31, 2024
Guarantees [Abstract]  
GUARANTEES GUARANTEES
At December 31, 2024 and 2023, the notional amount of the obligations undertaken in issuing the guarantees under standby letters of credit represented a liability of $25.3 million and $24.0 million, respectively.
OFG has a liability for residential mortgage loans sold subject to credit recourse pursuant to FHLMC’s, GNMA’s, and FNMA’s residential mortgage loan sales and securitization programs. At December 31, 2024 and 2023, the unpaid principal balance of residential mortgage loans sold subject to credit recourse under the residential mortgage loan sales programs was $90.5 million and $98.7 million, respectively. The estimated losses to be absorbed under the credit recourse arrangements were recorded as a liability when the credit recourse was assumed and are updated on a quarterly basis. At December 31, 2024, OFG's liability for estimated credit losses related to loans sold with credit recourse amounted to $155 thousand (December 31, 2023– $102 thousand). On May 1, 2023, OFG and a third-party servicer terminated a subservicing agreement by mutual agreement. Pursuant to such termination, the third-party servicer assumed the direct servicing of the subserviced loans pursuant to FNMA’s residential mortgage loans sales program, thereby relieving OFG of its corresponding recourse obligation under that program.
The following table shows the changes in OFG’s liability for estimated losses from credit recourse agreements, included in the consolidated statements of financial condition during 2024, 2023 and 2022:
Year Ended December 31,
202420232022
(In thousands)
Balance at beginning of year$102 $147 $294 
Net recoveries (charge-offs/terminations)53 (45)(147)
Balance at end of year$155 $102 $147 
The expected loss, which represents the amount expected to be lost on a given loan, considers the PD and loss severity. The PD represents the probability that a loan in good standing would become 120 days delinquent, in which case OFG is obligated to repurchase the loan.
If a borrower defaults, pursuant to the credit recourse provided, OFG is required to repurchase the loan or reimburse the third-party investor for the incurred loss. The maximum potential amount of future payments that OFG would be required to make under the recourse arrangements is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. During 2024, 2023 and 2022, OFG repurchased $455 thousand, $1.2 million and $1.5 million, respectively, in such mortgage loans. If a borrower defaults, OFG has rights to the underlying collateral securing the mortgage loan. OFG suffers losses on these mortgage loans when the proceeds from a foreclosure sale of the collateral property are less than the outstanding principal balance of the loan, any uncollected interest advanced, and the costs of holding and disposing the related property.
When OFG sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. OFG’s mortgage operations division groups conforming mortgage loans into pools that are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or are sold directly to FNMA or other private investors for cash. As required under such mortgage-backed securities programs, quality review procedures are performed by OFG to ensure that asset guideline qualifications are met. To the extent the loans do not meet specified characteristics, OFG may be required to repurchase such loans or indemnify for losses and bear any subsequent loss related to the loans. During 2024, 2023 and 2022, OFG repurchased $6.1 million, $9.6 million and $24.2 million, respectively, of unpaid principal balance in mortgage loans, excluding mortgage sold subject to such credit recourse provision. At December 31, 2024 and 2023, OFG had a $562 thousand and a $405 thousand liability, respectively, for the estimated credit losses related to these loans.
During 2024, 2023 and 2022, OFG recognized $53 thousand in losses, $220 thousand in gains and $148 thousand in gains, respectively, from the repurchase of residential mortgage loans sold subject to credit recourse, and $659 thousand in losses, $678 thousand in gains, and $281 thousand in losses, respectively, from the repurchase of residential mortgage loans as a result of breaches of customary representations and warranties.
At December 31, 2024, OFG serviced $5.6 billion (December 31, 2023 - $5.6 billion) in mortgage loans for third parties, including subserviced mortgage loans. Servicing agreements relating to the mortgage-backed securities programs of FNMA and GNMA, and to mortgage loans sold or serviced to certain other investors, including FHLMC, require OFG to advance funds to make scheduled payments of principal, interest, taxes and insurance, if such payments have not been received from the borrowers. OFG generally recovers funds advanced pursuant to these arrangements from the mortgage owner, from liquidation proceeds when the mortgage loan is foreclosed or, in the case of FHA/VA loans, under the applicable FHA and VA insurance and guarantee programs. However, in the meantime, OFG must absorb the cost of the funds it advances during the time the advance is outstanding. OFG must also bear the costs of attempting to collect on delinquent and defaulted mortgage loans. In addition, if a defaulted loan is not cured, the mortgage loan would be canceled as part of the foreclosure proceedings and OFG would not receive any future servicing income with respect to that loan. At December 31, 2024, the outstanding balance of funds advanced by OFG under such mortgage loan servicing agreements was approximately $5.0 million (December 31, 2023 - $4.2 million). To the extent the mortgage loans underlying OFG’s servicing portfolio experience increased delinquencies, OFG would be required to dedicate additional cash resources to comply with its obligation to advance funds as well as incur additional administrative costs related to increases in collection efforts.
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Commitments
In the normal course of business, OFG becomes a party to credit-related financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby and commercial letters of credit, and financial guarantees. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. The contract or notional amount of those instruments reflects the extent of OFG’s involvement in particular types of financial instruments.
OFG’s exposure to credit losses in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit, including commitments under credit card arrangements, and commercial letters of credit is represented by the contractual notional amounts of those instruments, which do not necessarily represent the amounts potentially subject to risk. In addition, the measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are identified. OFG uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.
Credit-related financial instruments at December 31, 2024 and 2023 were as follows:
December 31,
20242023
(In thousands)
Commitments to extend credit$1,360,351 $1,255,695 
Commercial letters of credit1,096 119 
Commitments to extend credit represent agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. OFG evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by OFG upon the extension of credit, is based on management’s credit evaluation of the counterparty.
At December 31, 2024 and 2023, commitments to extend credit consisted mainly of undisbursed available amounts on commercial lines of credit, construction loans, and revolving credit card arrangements. Since many of the unused commitments are expected to expire unused or be only partially used, the total amount of these unused commitments does not necessarily represent future cash requirements.
Commercial letters of credit are issued or confirmed to guarantee payment of customers’ payables or receivables in short-term international trade transactions. Generally, drafts will be drawn when the underlying transaction is consummated as intended. However, the short-term nature of this instrument serves to mitigate the risk associated with these contracts.
The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor’s accounting and disclosure requirements for guarantees, including indirect guarantees of indebtedness of others, at December 31, 2024 and 2023, is as follows:
December 31,
20242023
(In thousands)
Standby letters of credit and financial guarantees$25,321 $23,970 
Loans sold with recourse90,464 98,685 
Standby letters of credit and financial guarantees are written conditional commitments issued by OFG to guarantee the payment and/or performance of a customer to a third party (“beneficiary”). If the customer fails to comply with the agreement, the beneficiary may draw on the standby letter of credit or financial guarantee as a remedy. The amount of credit risk involved in issuing letters of credit in the event of non-performance is the face amount of the letter of credit or financial guarantee. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The amount of collateral obtained, if it is deemed necessary by OFG upon extension of credit, is based on management’s credit evaluation of the customer.
At December 31, 2024 and 2023, the ACL for off-balance sheet credit exposures corresponding to commitments to extend credit and standby letters of credit amounted to $878 thousand and $1.2 million, respectively, and is included in other liabilities in the statement of financial condition.
At December 31, 2024 and 2023, OFG maintained other non-credit commitments amounting to $14.6 million and $18.9 million, respectively, primarily for the acquisition of equity securities. In addition, as we continue to transform OFG with a focus on simplification and building a culture of excellence and customer service, we continue to invest in technology that drive our strategy, namely digital, data analytics, cloud migration, cyber security, and our sales and service capabilities. At December 31, 2024 and 2023, OFG had commitments for capital expenditures in technology amounting to $953 thousand and $7.8 million, respectively.
Contingencies
OFG and its subsidiaries are defendants in a number of legal proceedings incidental to their business. In the ordinary course of business, OFG and its subsidiaries are also subject to governmental and regulatory examinations. Certain subsidiaries of OFG, including the Bank (and its subsidiary, OIB), Oriental Financial Services and Oriental Insurance, are subject to regulation by various U.S., Puerto Rico and other regulators.
OFG seeks to resolve all arbitration, litigation and regulatory matters in the manner management believes is in the best interests of OFG and its shareholders, and contests allegations of liability or wrongdoing and, where applicable, the amount of damages or scope of any penalties or other relief sought as appropriate in each pending matter.
In accordance with applicable accounting guidance, OFG establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As a matter develops, OFG, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. Once the loss contingency is deemed to be both probable and estimable, OFG will establish an accrued liability and record a corresponding amount of expense. At December 31, 2024 and 2023, accrued liability for legal contingencies amounted to $407 thousand and $817 thousand, respectively. OFG continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. OFG also has an accrued liability for potential losses, operational errors, loss on theft not covered by insurance premiums, uncollectible receivables, among other transactions, amounting to $64 thousand and $1.4 million, respectively, as of December 31, 2024 and 2023.
Subject to the accounting and disclosure framework under the provisions of ASC 450, it is the opinion of OFG’s management, based on current knowledge and after taking into account its current legal accruals, that the eventual outcome of all matters would not be likely to have a material adverse effect on the consolidated statements of financial condition of OFG. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters, and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on OFG’s consolidated results of operations or cash flows in particular quarterly or annual periods. OFG has evaluated all arbitration, litigation and regulatory matters where the likelihood of a potential loss is deemed reasonably possible. OFG has determined that the estimate of the reasonably possible loss is not significant.
v3.25.0.1
OPERATING LEASES
 12 Months Ended
Dec. 31, 2024
Lessee Disclosure [Abstract]  
OPERATING LEASES OPERATING LEASES
Substantially all leases in which OFG is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2038. OFG’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases and are included on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. OFG leases to others certain space in its principal offices for terms extending through 2026 with two additional extension through to 2030; all are operating leases.
Operating Lease Cost
Year Ended December 31,
202420232022Statement of Operations
Classification
(In thousands)
Lease costs$9,474 $10,414 $10,467 Occupancy and equipment
Variable lease costs1,697 1,452 1,529 Occupancy and equipment
Short-term lease costs384 529 565 Occupancy and equipment
Lease income(77)(123)(226)Occupancy and equipment
Total lease costs$11,478 $12,272 $12,335 
Operating Lease Assets and Liabilities
December 31,
20242023Statement of Financial Condition Classification
(In thousands)
Right-of-use assets$19,197 $21,725 Operating lease right-of-use assets
Lease Liabilities$21,388 $24,029 Operating leases liabilities

December 31,
20242023
(In thousands)
Weighted-average remaining lease term4.8 years5.1 years
Weighted-average discount rate7.6 %7.0 %
Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2024 were as follows:
Minimum Rent
As of December 31, 2024(In thousands)
2025$7,434 
20265,265 
20274,331 
20283,239 
20291,848 
Thereafter3,535 
Total lease payments$25,652 
Less imputed interest4,264 
Present value of lease liabilities$21,388 
OFG, as lessor, leases and subleases real property to tenants under operating leases. As of December 31, 2024, no material lease concessions have been granted to tenants. As of December 31, 2024, OFG, as lessee, has not requested any lease concessions.
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
OFG follows the fair value measurement framework under GAAP.
Fair Value Measurement
The fair value measurement framework defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This framework also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Money market investments
The fair value of money market investments is based on the carrying amounts reflected in the consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments.
Investment securities
The fair value of investment securities is based on valuations obtained from an independent pricing provider, ICE Data Pricing (formerly known as IDC) (“ICE”). ICE is a well-recognized pricing company and an established leader in financial information. Such securities are classified as Level 1 or Level 2, depending on the basis for determining fair value. At December 31, 2024, there was one security held-to-maturity, carried at amortized cost with no ACL established, classified as Level 3.
Servicing assets
Servicing assets do not trade in an active market with readily observable prices. Servicing assets are priced using a DCF model. The valuation model considers servicing fees, portfolio characteristics, prepayment assumptions, delinquency rates, late charges, other ancillary revenues, cost to service, and other economic factors. Due to the unobservable nature of certain valuation inputs, the servicing rights are classified as Level 3.
Foreclosed real estate
Foreclosed real estate includes real estate properties securing residential mortgage and commercial loans. The fair value of foreclosed real estate may be determined using an external appraisal, broker price opinion or an internal valuation. These foreclosed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals.
Other repossessed assets
Other repossessed assets are mainly composed of repossessed automobiles. The fair value of the repossessed automobiles may be determined using internal valuation and an external appraisal. These repossessed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals.
Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below:
December 31, 2024
Fair Value Measurements
Level 1Level 2Level 3Total
(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale$1,150 $2,337,055 $— $2,338,205 
Trading securities— 18 — 18 
Money market investments6,670 — — 6,670 
Servicing assets— — 70,435 70,435 
$7,820 $2,337,073 $70,435 $2,415,328 
Non-recurring fair value measurements:
Collateral dependent loans$— $— $6,877 $6,877 
Foreclosed real estate— — 4,002 4,002 
Other repossessed assets— — 6,595 6,595 
Mortgage loans held for sale— — 13,286 13,286 
Other loans held for sale— — 4,446 4,446 
$— $— $35,206 $35,206 
December 31, 2023
Fair Value Measurements
Level 1Level 2Level 3Total
(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale$296,799 $1,802,465 $— $2,099,264 
Trading securities— 13 — 13 
Money market investments4,623 — — 4,623 
Servicing assets— — 49,520 49,520 
$301,422 $1,802,478 $49,520 $2,153,420 
Non-recurring fair value measurements:
Collateral dependent loans$— $— $8,027 $8,027 
Foreclosed real estate— — 10,780 10,780 
Other repossessed assets— — 4,032 4,032 
Other loans held for sale$— $— $28,345 28,345 
$— $— $51,184 $51,184 
The fair value information included in the tables above for non-recurring fair value measurements is not as of period-end. Instead, it is as of the date that the fair value measurement was recorded closest to December 31, 2024 and 2023 and excludes nonrecurring fair value measurements of assets no longer outstanding as of the reporting date.
The tables below present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for 2024, 2023 and 2022:
Level 3 Instruments Only
Year Ended December 31,
202420232022
Servicing AssetsOther debt securities available for saleServicing AssetsTotalOther debt securities available for saleServicing AssetsTotal
(In thousands)
Balance at beginning of year$49,520 $406 $50,921 $51,327 1,530 $48,973 $50,503 
New instruments acquired23,164 — 2,560 2,560 376 3,998 4,374 
Principal repayments and amortization(3,979)— (4,163)(4,163)— (5,312)(5,312)
Instrument converted to equity security— (406)— (406)(1,581)— (1,581)
Gains included in earnings1,730 — 202 202 — 3,262 3,262 
Gains included in other comprehensive income— — — — 81 — 81 
Balance at end of year$70,435 $— $49,520 $49,520 $406 $50,921 $51,327 
Servicing assets gains included in earnings during 2024, 2023 and 2022 were included as mortgage servicing activities in the consolidated statements of operations. For more information on the qualitative information about Level 3 fair value measurements, see Note 9 – Servicing Assets.
There were no liabilities measured at fair value on a recurring basis and non-recurring basis at December 31, 2024 and 2023. The table below presents quantitative information for all assets measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at December 31, 2024 and 2023:
December 31, 2024
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(In thousands)
Servicing assets$70,435 Cash flow valuationConstant prepayment rate
1.09% - 15.28%
5.83 %
Discount rate
10.00% - 15.50%
11.61 %
Collateral dependent loans$6,877 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
18.14 %
Foreclosed real estate$4,002 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
13.16 %
Other repossessed assets$6,595 Fair value of property
or collateral		Estimated net realizable value less disposition costs
37.00% - 69.00%
54.73 %
Mortgage loans held for sale$13,286 Market pricesPricing and execution whole loan
89.38% - 101.38%
95.01 %
Other loans held for sale$4,446 Bids or sales contract pricesEstimated market value
101.21% - 101.21%
101.21 %
December 31, 2023
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(In thousands)
Servicing assets$49,520 Cash flow valuationConstant prepayment rate
1.35% - 17.34%
6.12 %
Discount rate
10.00% - 15.50%
11.45 %
Collateral dependent loans$8,027 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
17.00 %
Foreclosed real estate$10,780 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
12.67 %
Other repossessed assets$4,032 Fair value of property
or collateral		Estimated net realizable value less disposition costs
31.00% - 77.00%
57.72 %
Other loans held for sale$28,345 Bids or sales contract pricesEstimated market value
52.00% - 103.20%
84.80%
Information about Sensitivity to Changes in Significant Unobservable Inputs
Servicing assets – The significant unobservable inputs used in the fair value measurement of OFG’s servicing assets are constant prepayment rates and discount rates. Changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the consolidated statements of operations, include the changes from period to period in the fair value of the mortgage loan servicing rights, which may result from changes in the valuation model inputs or assumptions (principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows.
Fair Value of Financial Instruments
The information about the estimated fair value of financial instruments required by GAAP is presented hereunder. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of OFG.
The estimated fair value is subjective in nature, 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. Other significant tangible and intangible assets that are not considered financial instruments include the value of long-term customer relationships of retail deposits, and premises and equipment.
The estimated fair value and carrying value of OFG’s financial instruments at December 31, 2024 and 2023 was as follows:
December 31, 2024December 31, 2023
Fair
Value		Carrying
Value		Fair
Value		Carrying
Value
(In thousands)
Financial Assets:
Level 1
Cash and cash equivalents$591,137 $591,137 $748,173 $748,173 
Investment securities available-for-sale$1,150 $1,150 $296,799 $296,799 
Level 2
Financial Assets:
Trading securities$18 $18 $13 $13 
Investment securities available-for-sale$2,337,055 $2,337,055 $1,802,465 $1,802,465 
Investment securities held-to-maturity$232,152 $292,158 $455,709 $514,024 
Federal Home Loan Bank (FHLB) stock$24,280 $24,280 $14,488 $14,488 
Equity securities$30,616 $30,616 $23,981 $23,981 
Level 3
Financial Assets:
Investment securities held-to-maturity$35,022 $35,000 $35,055 $35,000 
Total loans, net (including loans held-for-sale)
$7,567,075 $7,633,831 $7,282,214 $7,401,618 
Accrued interest receivable$71,667 $71,667 $71,400 $71,400 
Servicing assets$70,435 $70,435 $49,520 $49,520 
Accounts receivable and other assets$70,191 $70,191 $47,859 $47,589 
Financial Liabilities:
Deposits$9,625,803 $9,604,786 $9,767,068 $9,762,169 
Securities sold under agreements to repurchase$75,226 $75,222 $— $— 
Advances from FHLB$324,510 $325,952 $199,184 $200,768 
Other borrowings$— $— $2 $2 
Accrued expenses and other liabilities$146,771 $146,771 $115,985 $115,985 
The following methods and assumptions were used to estimate the fair values of significant financial instruments at December 31, 2024 and 2023:
•Cash and cash equivalents (including money market investments), accrued interest receivable, accounts receivable and other assets, accrued expenses and other liabilities, and other borrowings have been valued at the carrying amounts reflected in the consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments.
•Investments in FHLB stock are valued at their redemption value.
•The fair value of investment securities, including trading securities, is based on quoted market prices, when available, or prices provided by contracted pricing providers or by recognized broker-dealers. If listed prices or quotes are not available, fair value is based upon externally developed models that use both observable and unobservable inputs depending on the market activity of the instrument. The estimated fair value of the AFICA bond in other debt securities held-to-maturity is determined by using a detailed DCF valuation model to calculate the present value of projected future cash flows. The credit losses are recorded using the ACL methodology. This involves comparing the amortized cost of the securities with the fair value of the expected future cash flows. Several assumptions requiring a high degree of judgment include the selection of market discount rates, the determination of current credit spread, and the estimation of both the PD and LGD rates. Equity securities do not have readily available fair values and are measured at cost, less any impairment.
•The fair value of servicing asset is estimated by using a cash flow valuation model, which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions.
•The fair value of the loan portfolio (including loans held-for-sale and non-performing loans) is based on the exit market price, which is estimated by segregating by loan type, such as mortgage, commercial, consumer and auto. The fair value is calculated by discounting contractual cash flows. The discount rate used in such calculation considers a capital adjustment as well as other premiums for systemic risk, servicing costs, modeling and uncertainty risk, and impairment uncertainty.

•The fair value of demand deposits and savings accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is based on the discounted value of the contractual cash flows, using estimated current market discount rates for deposits of similar remaining maturities.

•The fair value of long-term borrowings, which include securities sold under agreements to repurchase and advances from FHLB are based on the discounted value of the contractual cash flows using current estimated market discount rates for borrowings with similar terms, remaining maturities and put dates.
v3.25.0.1
BANKING AND FINANCIAL SERVICE REVENUES
 12 Months Ended
Dec. 31, 2024
Banking and Thrift, Interest [Abstract]  
BANKING AND FINANCIAL SERVICE REVENUES BANKING AND FINANCIAL SERVICE REVENUES
The following table presents the major categories of banking and financial service revenues for 2024, 2023 and 2022:
Year Ended December 31,
202420232022
(In thousands)
Banking service revenues:
Electronic banking fees$52,275 $54,109 $54,639 
Checking accounts fees8,102 8,924 8,933 
Savings accounts fees1,233 1,334 1,265 
Credit life commissions134 318 724 
Branch service commissions1,323 1,538 1,456 
Servicing and other loan fees3,090 3,120 3,222 
International fees748 720 902 
Miscellaneous income18 15 20 
Total banking service revenues$66,923 $70,078 71,161 
Wealth management revenue:
Insurance income$17,991 $17,178 15,084 
Broker fees8,781 7,375 6,793 
Trust fees8,850 8,402 10,013 
Other fees— 35 745 
Total wealth management revenue$35,622 $32,990 32,635 
Mortgage banking activities:
Net servicing fees$17,291 $15,077 18,258 
Net gains on sale of mortgage loans and valuation2,026 2,993 3,786 
Net (loss) gain on repurchased loans and other(681)717 (115)
Total mortgage banking activities$18,636 $18,787 21,929 
Total banking and financial service revenues$121,181 $121,855 $125,725 
OFG recognizes the revenue from banking services, wealth management and mortgage banking based on the nature and timing of revenue streams from contracts with customers:
Banking Service Revenues
Electronic banking fees are credit and debit card processing services, fees for using the Bank’s ATMs by non-customers, debit card interchange income, and service charges on deposit accounts. Revenue is recorded once the contracted service has been provided. In 2024, the Durbin Amendment became applicable to the Bank as a result of crossing the $10 billion asset threshold in December 31, 2023, which imposes limits on what banks may charge for debit card interchange fees.
Service charges on checking and saving accounts is recognized as consumer periodic maintenance revenue once the service is rendered, while overdraft and late charges revenues are recorded after the contracted service has been provided.
Other income as credit life and branch service commissions, servicing and other loan fees, international fees, and miscellaneous income recognized as banking service revenue are out of the scope of ASC 606 – Revenue from Contracts with Customers.
Wealth Management Revenue
Insurance income from commissions generated in the sale of insurance policies issued by unaffiliated insurance companies and sale of annuities are recorded once the sale has been completed. Reinsurance revenue is recorded based on earned premium confirmed by the fronting insurance company. Contingent insurance commissions are recorded once the paying insurance companies confirm the amounts earned.
Broker fees consist of two categories:
•Sales commissions generated by advisers for their clients’ purchases and sales of securities and other investment products, which are collected once the stand-alone transactions are completed at trade date or as earned, and managed account fees which are fees charged to advisers’ clients’ accounts on OFG’s corporate advisory platform. These revenues do not cover future services, as a result there is no need to allocate the amount received to any other service.
•Fees for providing distribution services related to mutual funds, net of compensation paid to a provider of such services, as well as trailer fees (also known as 12b-1 fees). These fees are considered variable and are recognized over time, as the uncertainty of the fees to be received is resolved as the net asset value of the mutual fund is determined and investor activity occurs. Fees do not cover future services, as a result there is no need to allocate the amount received to any other service.
Trust fees are revenues related to fiduciary services provided to 401K retirement plans, IRA trusts, and other retirement plans. These generally include payment for trustee services, distribution services, custodial services of plan assets, due diligence services, and investment advisory services. Fees are billed based on services contracted. Negotiated fees are detailed in the contract. Fees collected in advance are amortized over the term of the contract. Fees are generally collected on an annual or quarterly basis once the administrative service has been completed. Fees do not include future services.
Mortgage Banking Activities
Mortgage banking activities such as servicing fees and valuation of servicing asset, gain on sale of mortgage loans, and (loss) gain on repurchased loans and other are out of the scope of ASC 606.
v3.25.0.1
BUSINESS SEGMENTS
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
OFG segregates its businesses into the following segments of business: Banking, Wealth Management, and Treasury. Management established the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. Other factors such as OFG’s organization, nature of its products, distribution channels and economic characteristics of the products were also considered in the determination of the reportable segments. OFG measures the performance of these segments based on pre-established goals of different financial parameters such as net income. OFG’s methodology for allocating non-interest expenses among segments is based on several factors such as revenue, employee headcount, occupied space, dedicated services or time, among others. These factors are reviewed on a periodic basis and may change if the conditions warrant.

Banking includes the Bank’s branches and traditional banking products such as deposits and commercial, consumer, auto, and mortgage loans. Mortgage banking activities are carried out by the Bank’s mortgage banking division, whose principal activity is to originate mortgage loans for OFG’s own portfolio. As part of its mortgage banking activities, OFG may sell loans directly into the secondary market or securitize conforming loans into mortgage-backed securities.

Wealth Management is comprised of the Bank’s trust division, Oriental Financial Services, Oriental Insurance, and OFG Reinsurance. The core operations of this segment are financial planning, securities brokerage services, investment advisory services, insurance, reinsurance, corporate trust and retirement services.

The Treasury segment encompasses all of OFG’s asset/liability management activities, such as purchases and sales of investment securities, interest rate risk management, and borrowings.

The accounting policies of the segments are the same as those referred to in Note 1 – “Summary of Significant Accounting Policies”. Intersegment sales and transfers, if any, are accounted for as if the sales or transfers were to third parties, that is, at current market prices. Financial results are presented, to the extent practicable, as if each business operated on a standalone basis, and includes expense allocations for corporate services used by the business segments, disclosed as intersegment expenses. Significant expense categories identified by management are disclosed for all segments, even though it may not be significant to a particular segment.
OFG’s chief operating decision maker (“CODM”) is the chief executive officer (“CEO”). The CODM evaluates the performance of the Banking, Wealth Management and Treasury segments primarily based on net income, which guides resource allocation across segments. CODM continuously monitors performance and adjusts as necessary. Additionally, OFG employs a forecasting process to project future performance and resource needs, which are reviewed and updated regularly to ensure alignment with strategic goals.
Following are the results of operations and the selected financial information by operating segment for 2024, 2023 and 2022:

Year Ended December 31, 2024
BankingWealth
Management		TreasuryTotalEliminationsConsolidated
Total
(In thousands)
Interest income$619,328 $26 $134,970 $754,324 $(4,047)$750,277 
Interest expense(147,661)— (18,223)(165,884)4,047 (161,837)
Net interest income471,667 26 116,747 588,440 — 588,440 
(Provision for) recapture of credit losses(82,436)— 185 (82,251)— (82,251)
Non-interest income, net
86,720 36,522 7 123,249 — 123,249 
Non-interest expenses [1]
Compensation and employee benefits(149,194)(9,527)(989)(159,710)— (159,710)
Occupancy, equipment and infrastructure costs(37,407)(721)(121)(38,249)— (38,249)
Depreciation and amortization of premises and equipment(20,807)(48)(19)(20,874)— (20,874)
Electronic banking charges(42,816)— — (42,816)— (42,816)
Information technology expenses(27,394)(187)(1)(27,582)— (27,582)
Professional and service fees(15,804)(2,875)(197)(18,876)— (18,876)
Loan servicing and clearing expenses(5,937)(1,455)(543)(7,935)— (7,935)
Amortization of other intangible assets(1,385)— — (1,385)— (1,385)
Intersegment expenses3,518 (2,121)(1,397)— — — 
Other [2]
(56,173)(1,720)(370)(58,263)— (58,263)
Total non-interest expense(353,399)(18,654)(3,637)(375,690)— (375,690)
Income before income taxes$122,552 $17,894 $113,302 $253,748 $— $253,748 
Income tax expense(55,402)(10)(166)(55,578)— (55,578)
Net income$67,150 $17,884 $113,136 $198,170 $— $198,170 
Total assets$9,513,074 $34,219 $3,192,845 $12,740,138 $(1,239,404)$11,500,734 
Expenditures for long-lived assets$21,336 — $— $— $21,336 $— $21,336 
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[2] Other non-interest expenses include:
Banking: Taxes, other than payroll and income taxes; insurance; advertising; communication; printing, postage, stationary and supplies; travels, meals and training; credit related expenses; director and investor relations; loss on sale of foreclosed real estate and other repossessed properties; losses and operational errors, among other business expenses.
Wealth Management: Reinsurance incurred net losses; taxes, other than payroll and income taxes; advertising; insurance; data communication and systems, among other business expenses.
Treasury: Data communication and systems; taxes, other than payroll and income taxes; insurance, among other business expenses.
Eliminations include interest income and expense for a time deposit opened by the Bank in Oriental Overseas, the IBE unit, which operates within the Bank. The time deposit with a balance of $278.4 million and $300.3 million at December 31, 2024 and 2023, respectively, to fund Oriental Overseas operations is included in the Treasury Segment with its corresponding interest expense, and the related interest income is included in the Banking Segment, and are eliminated in the consolidation. Interest income is accrued on the unpaid principal balance. The decrease in interest income and interest expense from the prior year period was mainly as a result of lower interest rate and average balance.
Year Ended December 31, 2023
BankingWealth
Management		TreasuryTotalEliminationsConsolidated
Total
(In thousands)
Interest income$567,809 $28 $95,477 $663,314 $(14,434)$648,880 
Interest expense(73,480)— (28,964)(102,444)14,434 (88,010)
Net interest income494,329 28 66,513 560,870 — 560,870 
Provision for credit losses(60,255)— (383)(60,638)— (60,638)
Non-interest income, net
97,099 32,433 (1,151)128,381 — 128,381 
Non-interest expenses [1]
Compensation and employee benefits(147,241)(7,627)(959)(155,827)— (155,827)
Occupancy, equipment and infrastructure costs(38,251)(484)(112)(38,847)— (38,847)
Depreciation and amortization of premises and equipment(20,315)(50)(23)(20,388)— (20,388)
Electronic banking charges(41,336)— — (41,336)— (41,336)
Information technology expenses(26,946)(204)(12)(27,162)— (27,162)
Professional and service fees(15,878)(2,646)(240)(18,764)— (18,764)
Loan servicing and clearing expenses(5,806)(1,417)(551)(7,774)— (7,774)
Amortization of other intangible assets(1,615)— — (1,615)— (1,615)
Intersegment expenses
1,641 (1,011)(630)— — — 
Other [2]
(47,100)(2,999)(1,553)(51,652)— (51,652)
Total non-interest expense(342,847)(16,438)(4,080)(363,365)— (363,365)
Income before income taxes$188,326 $16,023 $60,899 $265,248 $— $265,248 
Income tax expense(83,242)(34)(100)(83,376)— (83,376)
Net income$105,084 $15,989 $60,799 $181,872 $— $181,872 
Total assets$9,154,201 $38,261 $3,304,204 $12,496,666 $(1,152,213)$11,344,453 
Expenditures for long-lived assets$17,853 $2 $2 $17,857 $— $17,857 
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[2] Other non-interest expenses include:
Banking: Taxes, other than payroll and income taxes; insurance; advertising; communication; printing, postage, stationary and supplies; travels, meals and training; credit related expenses; director and investor relations; loss on sale of foreclosed real estate and other repossessed properties; losses and operational errors, among other business expenses.
Wealth Management: Reinsurance incurred net losses; taxes, other than payroll and income taxes; advertising; insurance; data communication and systems, among other business expenses.
Treasury: Data communication and systems; taxes, other than payroll and income taxes; insurance, among other business expenses.
Year Ended December 31, 2022
BankingWealth
Management		TreasuryTotalEliminationsConsolidated
Total
(In thousands)
Interest income$465,177 $21 $56,955 $522,153 $(6,850)$515,573 
Interest expense(31,926)— (8,147)(40,073)6,850 (33,493)
Net interest income433,251 21 48,808 482,080 — 482,080 
Provision for credit losses
(24,111)— (8)(24,119)— (24,119)
Non-interest income, net
98,407 33,481 (198)131,690 — 131,690 
Non-interest expenses [1]
Compensation and employee benefits(132,840)(9,174)(916)(142,930)— (142,930)
Occupancy, equipment and infrastructure costs(34,369)(1,033)(95)(35,497)— (35,497)
Depreciation and amortization of premises and equipment(15,724)(58)(29)(15,811)— (15,811)
Electronic banking charges(39,554)— — (39,554)— (39,554)
Information technology expenses(21,669)(222)— (21,891)— (21,891)
Professional and service fees(21,818)(2,774)(250)(24,842)— (24,842)
Loan servicing and clearing expenses(7,203)(1,396)(562)(9,161)— (9,161)
Amortization of other intangible assets(2,001)— — (2,001)— (2,001)
Intersegment expenses
2,187 (1,497)(690)— — — 
Other [2]
(47,947)(4,549)(1,363)(53,859)— (53,859)
Total non-interest expense(320,938)(20,703)(3,905)(345,546)— (345,546)
Income before income taxes$186,609 $12,799 $44,697 $244,105 $— $244,105 
Income tax expense(77,731)(97)(38)(77,866)— (77,866)
Net income$108,878 $12,702 $44,659 $166,239 $— $166,239 
Total assets$8,347,767 $23,085 $2,432,549 $10,803,401 $(984,621)$9,818,780 
Expenditures for long-lived assets$30,982 $17 $— $30,999 $— $30,999 
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[2] Other non-interest expenses include:
Banking: Taxes, other than payroll and income taxes; insurance; advertising; communication; printing, postage, stationary and supplies; travels, meals and training; credit related expenses; director and investor relations; loss on sale of foreclosed real estate and other repossessed properties; losses and operational errors, among other business expenses.
Wealth Management: Reinsurance incurred net losses; taxes, other than payroll and income taxes; advertising; insurance; data communication and systems, among other business expenses.
Treasury: Data communication and systems; taxes, other than payroll and income taxes; insurance, among other business expenses.
v3.25.0.1
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION
As a bank holding company subject to the regulations and supervisory guidance of the Federal Reserve Board, OFG Bancorp generally should inform the Federal Reserve Board and eliminate, defer or significantly reduce its dividends if: (i) its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (ii) its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or (iii) it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. The payment of dividends by the Bank to OFG Bancorp may also be affected by other regulatory requirements and policies, such as the maintenance of certain regulatory capital levels. During 2024, 2023 and 2022, the Bank paid $75.0 million, $45.0 million and $140.0 million, respectively, in dividends to OFG Bancorp. During 2024 and 2023 OFG Reinsurance paid $3.2 million and $4.0 million, respectively, in dividends to OFG Bancorp. During 2022, OFG Reinsurance did not pay dividends to OFG Bancorp. During 2024 and 2022, Oriental Insurance paid $9.5 million and $9.5 million, respectively, in earnings and profits to OFG Bancorp. During 2023, Oriental Insurance did not pay earnings and profits to OFG Bancorp.
OFG BANCORP
CONDENSED STATEMENTS OF FINANCIAL POSITION INFORMATION
(Holding Company Only)
The following condensed financial information presents the financial position of the holding company only as of December 31, 2024 and 2023, and the results of its operations and its cash flows for 2024, 2023 and 2022:
December 31,
20242023
(In thousands)
ASSETS
Cash and cash equivalents$40,570 $73,121 
Investment in bank subsidiary, equity method1,188,830 1,094,581 
Investment in nonbank subsidiaries, equity method38,879 40,145 
Deferred tax asset, net231 293 
Due from bank subsidiary, net57 56 
Other assets504 371 
Total assets$1,269,071 $1,208,567 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Dividends payable11,640 10,355 
Accrued expenses and other liabilities3,051 4,729 
Due to non-bank subsidiary, net9 3 
Total liabilities14,700 15,087 
Stockholders’ equity1,254,371 1,193,480 
Total liabilities and stockholders’ equity$1,269,071 $1,208,567 
OFG BANCORP
CONDENSED STATEMENTS OF OPERATIONS INFORMATION
(Holding Company Only)
Year Ended December 31,
202420232022
(In thousands)
Income:
Interest income$3,667 $3,712 $977 
Investment trading activities, net and other9,586 7,040 6,022 
Total income13,253 10,752 6,999 
Expenses:
Interest expense— — 521 
Operating expenses9,562 8,230 7,992 
Total expenses9,562 8,230 8,513 
Income (loss) before income taxes3,691 2,522 (1,514)
Income tax expense3,881 3,846 2,782 
Loss before earnings of subsidiaries(190)(1,324)(4,296)
Equity in earnings from:
Bank subsidiary185,699 170,658 162,236 
Nonbank subsidiaries12,661 12,538 8,299 
Net income$198,170 $181,872 $166,239 

OFG BANCORP
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
(Holding Company Only)
Year Ended December 31,
202420232022
(In thousands)
Net income$198,170 $181,872 $166,239 
Other comprehensive (loss) income before tax:
Other comprehensive (loss) income from bank subsidiary(22,826)26,396 (98,569)
Other comprehensive (loss) income before taxes(22,826)26,396 (98,569)
Income tax effect— — — 
Other comprehensive (loss) income after taxes(22,826)26,396 (98,569)
Comprehensive income$175,344 $208,268 $67,670 
OFG BANCORP
CONDENSED STATEMENTS OF CASH FLOWS INFORMATION
(Holding Company Only)
Year Ended December 31,
202420232022
(In thousands)
Cash flows from operating activities:
Net income$198,170 $181,872 $166,239 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings from banking subsidiary(185,699)(170,658)(162,236)
Equity in earnings from nonbanking subsidiaries(12,661)(12,538)(8,299)
Net decrease in due to non-bank subsidiary, net5 3 — 
Gain on early extinguishment of debt— — (42)
Stock-based compensation642 731 652 
Deferred income tax, net62 630 1,703 
Net decrease in other assets5,413 1,270 18,829 
Net (decrease) increase in accrued expenses and other liabilities(1,836)2,149 (488)
Dividends from banking subsidiary75,000 45,000 140,000 
Dividends and earnings and profits from non-banking subsidiaries
12,700 4,000 9,500 
Net cash provided by operating activities91,796 52,459 165,858 
Cash flows from investing activities:
Capital contribution to non-banking subsidiary(4,000)— — 
Additions to premises and equipment(9)(30)(233)
Net cash used in investing activities(4,009)(30)(233)
Cash flows from financing activities:
Subordinated capital notes— — (34,958)
Exercise of stock options and restricted units lapsed, net(4,368)(1,689)(906)
Purchase of treasury stock(70,324)(18,653)(64,110)
Dividends paid(45,646)(41,011)(30,090)
Net cash used in financing activities(120,338)(61,353)(130,064)
Net change in cash and cash equivalents(32,551)(8,924)35,561 
Cash and cash equivalents at beginning of year73,121 82,045 46,484 
Cash and cash equivalents at end of year$40,570 $73,121 $82,045 
v3.25.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On January 29, 2025, as part of OFG's capital actions for 2025, the Board of Directors approved the increase of its regular quarterly cash dividend by 20% to $0.30 per common share from $0.25, beginning the quarter ended March 31, 2025.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 198,170 $ 181,872 $ 166,239
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
OFG has a comprehensive framework in place to assess, identify and manage material risks from cybersecurity threats. Our Information Security Officer (“ISO”) is responsible for overseeing and implementing OFG’s cybersecurity risk management framework as part of our broader Information Security Program approved by our Board. Our cybersecurity risk management framework is integrated into OFG’s broader risk management system with a focus on monitoring key risk indicators within a defined risk tolerance set by our Board.

Our cybersecurity risk management framework is focused on the following key areas:

•Regular cybersecurity risk assessments;
•Design and implementation of controls to mitigate any identified cybersecurity risks;
•Continuous evaluation of the effectiveness of such controls; and
•Implementation of an incident response plan that includes procedures for responding to cybersecurity incidents.

In addition, our cybersecurity risk management framework incorporates three lines of defense, each with defined roles and responsibilities. OFG conducts an annual cybersecurity maturity assessment to (a) evaluate its cybersecurity risk management practices and (b) develop action plans for improving its cybersecurity risk management program.

The cybersecurity risk management framework also establishes standards or controls for the design of our cybersecurity infrastructure, including with respect to monitoring and preventing cybersecurity incidents, authenticating the identity of persons authorized to access critical information resources, and assessing safeguards that must be implemented by our external vendors and service providers.

OFG uses external consultants and other third-party service providers to monitor our information systems for any cyberattacks, impersonators or unauthorized releases of sensitive customer data, as well as performing investigations and penetration testing, identifying system vulnerabilities and required software patches, monitoring and managing firewalls, and advising on systems and cloud architecture. OFG also conducts due diligence of third-party software and related services and reviews cybersecurity reports from technology services providers to ensure that our cybersecurity infrastructure can respond to evolving cybersecurity risks relevant to our business.
Pursuant to our cybersecurity risk management framework, our Information Security team develops an annual information security awareness plan to educate employees as to OFG’s standards, processes and practices with respect to information security, potential cybersecurity threats and proper use of information security resources entrusted to them, with the goal of minimizing possible employee security risks. Our Information Security team engages third-party consultants to assist us in the evaluation of our cybersecurity risk management practices to identify risks, perform social engineering exercises, and provide annual cybersecurity training.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our cybersecurity risk management framework is focused on the following key areas:

•Regular cybersecurity risk assessments;
•Design and implementation of controls to mitigate any identified cybersecurity risks;
•Continuous evaluation of the effectiveness of such controls; and
•Implementation of an incident response plan that includes procedures for responding to cybersecurity incidents.

In addition, our cybersecurity risk management framework incorporates three lines of defense, each with defined roles and responsibilities. OFG conducts an annual cybersecurity maturity assessment to (a) evaluate its cybersecurity risk management practices and (b) develop action plans for improving its cybersecurity risk management program.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board is responsible for overseeing OFG’s cybersecurity efforts and approving the Information Security Program, which sets forth OFG’s policy regarding the confidentiality, integrity and availability of its information assets. The Board’s Risk and Compliance Committee more directly oversees the implementation of the Information Security Program and receives quarterly reports on any cybersecurity risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board’s Risk and Compliance Committee more directly oversees the implementation of the Information Security Program and receives quarterly reports on any cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our ISO provides quarterly reports to our Executive Risk and Compliance Team, which is comprised of several executive officers of OFG. In addition, our Chief Risk Officer reports to the Board’s Risk and Compliance Committee and, when necessary, the Board.
Cybersecurity Risk Role of Management [Text Block]
Our Board is responsible for overseeing OFG’s cybersecurity efforts and approving the Information Security Program, which sets forth OFG’s policy regarding the confidentiality, integrity and availability of its information assets. The Board’s Risk and Compliance Committee more directly oversees the implementation of the Information Security Program and receives quarterly reports on any cybersecurity risks.

Our ISO, under the supervision of our Chief Risk Officer, leads the development and implementation of the Information Security Program. In addition, our Information Technology Department (“IT”) also has a dedicated cybersecurity team under the supervision of our Chief Information Officer. Members of our Information Security and IT cybersecurity teams have over 50 years of combined experience in information technology systems and cybersecurity risk management and include a team member that has a ISACA Certified Information Systems Auditor certification and two team members each with a master’s degree in cybersecurity.

Our ISO provides quarterly reports to our Executive Risk and Compliance Team, which is comprised of several executive officers of OFG. In addition, our Chief Risk Officer reports to the Board’s Risk and Compliance Committee and, when necessary, the Board.

Any identified cybersecurity incidents must be reported to the ISO and the mitigation and remediation thereof is performed by the Incident Response Team, which is led by the ISO and composed of key executives, with identified call trees and key service providers to support the coordination of a rapid response.

In the last three fiscal years, OFG has not experienced any material cybersecurity incidents, and expenses incurred from any cybersecurity incidents were immaterial. For more information on the risks to the Company of future cybersecurity threats or incidents, see “Item 1A, Risk Factors — Operations and Business Risks.”
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our ISO, under the supervision of our Chief Risk Officer, leads the development and implementation of the Information Security Program. In addition, our Information Technology Department (“IT”) also has a dedicated cybersecurity team under the supervision of our Chief Information Officer. Members of our Information Security and IT cybersecurity teams have over 50 years of combined experience in information technology systems and cybersecurity risk management and include a team member that has a ISACA Certified Information Systems Auditor certification and two team members each with a master’s degree in cybersecurity.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Members of our Information Security and IT cybersecurity teams have over 50 years of combined experience in information technology systems and cybersecurity risk management and include a team member that has a ISACA Certified Information Systems Auditor certification and two team members each with a master’s degree in cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Any identified cybersecurity incidents must be reported to the ISO and the mitigation and remediation thereof is performed by the Incident Response Team, which is led by the ISO and composed of key executives, with identified call trees and key service providers to support the coordination of a rapid response.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Nature of Operations and Basis of Presentation
Nature of Operations
OFG is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. OFG operates through various subsidiaries including, a commercial bank, the Bank, a securities broker-dealer and investment adviser, Oriental Financial Services, an insurance agency, Oriental Insurance, a captive reinsurance company, OFG Reinsurance, and OFG Ventures, which holds investments. Through these subsidiaries and their respective divisions, OFG provides a wide range of banking and financial services such as commercial, consumer, auto and mortgage lending, financial planning, insurance sales, investment advisory and securities brokerage services, as well as corporate trust services. Effective December 31, 2022, OFG sold its retirement plan administration business, which was operated under a retirement plan administrator, OPC, which thereafter ceased its operations. The results for the year 2022 included OPC operations.
OFG conducts its business through its main office in San Juan, Puerto Rico, forty-two branches in Puerto Rico and two branches in the USVI. OFG has three subsidiaries with operations in Puerto Rico: the Bank, Oriental Financial Services and Oriental Insurance; one subsidiary in the United States, OFG Ventures; and a subsidiary in the Cayman Islands, OFG Reinsurance. OFG is subject to supervision and regulation by the Federal Reserve Board under the U.S. Bank Holding Company Act of 1956, as amended, and the Dodd-Frank Act.
The Bank is subject to the supervision, examination and regulation of the Office of the OCFI and the FDIC. During 2024, the Bank became subject to the CFPB supervisory and enforcement authority with respect to consumer financial laws. The Bank has a wholly owned operating subsidiary, OFG USA, which is a commercial lender organized in Delaware. OIB, a wholly owned subsidiary of the Bank, and Oriental Overseas, a division of the Bank, are IBEs licensed pursuant to the International Banking Center Regulatory Act of Puerto Rico, as amended. OIB and Oriental Overseas offer the Bank certain Puerto Rico tax advantages. Their activities are limited under Puerto Rico law to persons located in Puerto Rico with assets/liabilities located outside of Puerto Rico. In March 2024, the Bank organized OBPEF, as a wholly owned subsidiary of the Bank and a private equity fund under the Incentives Code, as amended, whose objective is to provide financing to eligible borrowers, whether in the form of senior or subordinated debt, to support the economic development of Puerto Rico. The Bank’s USVI operations are also subject to the supervision, examination and regulation of the USVI Banking Board.
Oriental Financial Services is registered as a securities broker-dealer and as an investment adviser, and is subject to the supervision, examination and regulation of the FINRA, the SEC, and the OCFI. Oriental Financial Services is also a member of the Securities Investor Protection Corporation. Oriental Insurance is an insurance agency and is subject to the supervision, examination and regulation of the Office of the Commissioner of Insurance of Puerto Rico. OFG Reinsurance is subject to regulation by the CIMA.
OFG’s mortgage banking activities are conducted through a division of the Bank. The mortgage banking activities include the origination of mortgage loans for the Bank’s own portfolio, the sale of loans directly in the secondary market or the securitization of conforming loans into mortgage-backed securities, and the purchase or assumption of the right to service loans originated by others. The Bank originates FHA insured and VA guaranteed mortgages that are primarily securitized for issuance of GNMA mortgage-backed securities which can be resold to individual or institutional investors in the secondary market. Conventional loans that meet the underwriting requirements for sale or exchange under certain FNMA or FHLMC programs are referred to as conforming mortgage loans and are also securitized for issuance of FNMA or FHLMC mortgage-backed securities. The Bank is an approved seller of FNMA mortgage loans for issuance of FNMA mortgage-backed securities. The Bank is also an approved issuer of GNMA mortgage-backed securities. The Bank is the master servicer of its mortgage loan portfolio and the GNMA, FNMA and FHLMC pools that it issues. Through December 31, 2022, the Bank had a subservicing arrangement with a third party for a portion of its acquired loan portfolio. This subservicing arrangement expired on May 1, 2023, and since then, OFG no longer has any subservicing arrangements for its loan portfolio.
Principles of Consolidation
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of OFG Bancorp and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates in the Preparation of Financial Statements
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate mainly to the determination of the ACL, the valuation of securities, the determination of income taxes, impairment of securities, and goodwill valuation and impairment assessment.
Earnings per Common Share
Earnings per Common Share
Basic earnings per share is calculated by dividing income available to common shareholders by the weighted average of outstanding common shares. Diluted earnings per share is similar to the computation of basic earnings per share except that the weighted average of common shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares underlying stock options and restricted units had been issued, assuming that proceeds from exercise are used to repurchase shares in the market (treasury stock method). Any dividends are retroactively recognized in all periods presented in the consolidated financial statements.
Cash Equivalents
Cash Equivalents
OFG considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less.
Investment Securities
Investment Securities
OFG classifies its investments in debt securities into one of three categories:
Held-to-maturity - Securities that management has the intent and ability to hold to maturity. These securities are carried at amortized cost. An ACL is established for the expected credit losses over the remaining term of debt securities held to maturity. OFG’s portfolio of held to maturity securities is comprised of obligations from the U.S. Government. These securities have an explicit or implicit guarantee from the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Other debt securities held to maturity are securities issued by a public corporation and governmental instrumentality of the Commonwealth of Puerto Rico, and guaranteed by such agency with no history of credit losses. Accordingly, OFG applies a zero-credit loss assumption and no ACL for these securities has been established. OFG monitors its securities portfolio composition and credit performance on a quarterly basis to determine if any allowance is considered necessary.
Available-for-sale - Securities to be held for indefinite periods of time. These securities are carried at fair value. Declines in fair value below the securities’ amortized cost which are not related to estimated credit losses are recorded through other comprehensive income or loss, net of taxes. If OFG intends to sell or believes it is more likely than not that it will be required to sell the debt security, it is written down to fair value through earnings. Credit losses relating to available-for-sale debt securities are recorded through an ACL, which are limited to the difference between the amortized cost and the fair value of the asset. The ACL is established for the expected credit losses over the remaining term of debt security. OFG’s portfolio of AFS securities is comprised mainly of US Treasury securities and obligations from the U.S. Government. These securities have an explicit or implicit guarantee from the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Accordingly, OFG applies a zero-credit loss assumption and no ACL for these securities has been established. OFG monitors its securities portfolio composition and credit performance on a quarterly basis to determine if any allowance is considered necessary. Debt securities available-for-sale are written-off when a portion or the entire amount is deemed uncollectible, based on the information considered to develop expected credit losses through the life of the asset. The specific identification method is used to determine realized gains and losses on debt securities available-for-sale, which are included in net gain (loss) on sale of securities in the consolidated statements of operations.
Trading - Securities held for resale in anticipation of short-term market movements. These securities are carried at fair value, with changes in unrealized holding gains and losses included in non-interest income in the consolidated statements of operations. Management determines the appropriate classification of securities at the time of purchase.
Premiums and discounts are amortized to interest income over the life of the related securities using the interest method. Net realized gains or losses on sales of investment securities and unrealized gains and losses valuation adjustments considered other than temporary, if any, on securities classified as either available-for-sale or held-to-maturity are reported separately in the consolidated statements of operations. Purchases and sales of securities are recorded at trade date. The cost of securities sold is determined by the specific identification method.
Equity securities do not have readily available fair values and are measured at cost, less any impairment. Impairment is reviewed on a quarterly basis through a qualitative assessment from financial and non-financial information received from the individual investment funds and companies. As of December 31, 2024 and 2023 and for the years then ended, there were no impairments, downward or upward adjustments, annual or on a cumulative basis for these investments. Stock that is owned by OFG to comply with regulatory requirements, such as FHLB stock, is included in this category, and their realizable value equals their cost. Unrealized and realized gains and losses and any impairment on equity securities are included in net gain (loss) in the consolidated statements of operations. Dividend income from investments in equity securities is included in interest income in the consolidated statements of operations.
Financial Instruments
Financial Instruments
Certain financial instruments, including trading securities, and investment securities available-for-sale are recorded at fair value and unrealized gains and losses are recorded in other comprehensive (loss) income or as part of non-interest income, as appropriate. Fair values are based on listed market prices, if available. If listed market prices are not available, fair value is determined based on other relevant factors, including price quotations for similar instruments.
OFG determines the fair value of its financial instruments based on the fair value measurement framework, which establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1 — Level 1 assets and liabilities include equity securities, debt securities, and money market investment that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, 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 or liabilities. Level 2 assets and liabilities include (i) mortgage-backed securities for which the fair value is estimated based on valuations obtained from third-party pricing services for identical or comparable assets and (ii) debt securities with quoted prices that are traded less frequently than exchange-traded instruments.
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 and liabilities include financial instruments whose value is determined using pricing models for which the determination of fair value requires significant management judgment or estimation.
OFG’s policy is to recognize any transfer into or out of the Levels referred to above at the date of the event or change in circumstances that caused the transfer.
Other Loans Held-for-Sale and Transfers Of Other Loans From Held-For-Investment to Held-for-Sale
Other Loans Held-For-Sale and Transfers of Other Loans from Held-for-Investment to Held-for-Sale
Other loans reported as held-for-sale are non-mortgage loans which are stated at the lower of amortized cost or fair value, cost being determined on the outstanding loan balance less unearned income, and fair value determined in the aggregate. The amount for which amortized cost exceeds fair value is recognized through a valuation allowance by a charge to income in the period in which the change occurs. Realized gains or losses on these loans are determined using the specific identification method. Other loans held-for-sale include commercial loans that were designated as held-for-investment at origination or purchase, but that OFG subsequently decided to sell to other institutions.
These loans are reclassified to held-for-sale on the date that OFG decides to sell them. At this time, any previously recorded ACL is reversed in earnings and the loan is recorded at its amortized cost basis. Prior to the transfer, OFG applies its write-off policy to the amortized cost basis. The amortized cost at the date of transfer is reduced by any write-offs recognized just prior to the transfer. If the amortized cost basis exceeds the loan’s fair value at the date of transfer, OFG establishes a valuation allowance equal to the difference between amortized cost basis and fair value. The previously recorded ACL associated with the transferred loans after applying the write-off policy is released and an offsetting entry is recorded to the provision.
Mortgage Banking Activities and Mortgage Loans Held-For-Sale
Mortgage Banking Activities and Mortgage Loans Held-For-Sale
The residential mortgage loans reported as held-for-sale are stated at the lower of amortized cost or fair value, cost being determined on the outstanding loan balance less unearned income, and fair value determined in the aggregate. The amount for which amortized cost exceeds fair value is recognized through a valuation allowance by a charge to income in the period in which the change occurs. Realized gains or losses on these loans are determined using the specific identification method. Mortgage loans held-for-sale include all conforming mortgage loans originated and purchased, which from time to time OFG sells to other financial institutions or securitizes conforming mortgage loans into GNMA, FNMA and FHLMC pass-through certificates.
Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities
Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities
OFG recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished. OFG is not engaged in sales of mortgage loans and mortgage-backed securities subject to recourse provisions except for those provisions that allow for the repurchase of loans as a result of a breach of certain representations and warranties other than those related to the credit quality of the loans included in the sale transactions.
The transfer of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset in which OFG surrenders control over the assets is accounted for as a sale if all of the following conditions set forth in Accounting Standards Codification (“ASC”) Topic 860 are met: (i) the assets must be isolated from creditors of the transferor, (ii) the transferee must obtain the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the transferor cannot maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. When OFG transfers financial assets and the transfer fails any one of these criteria, OFG is prevented from derecognizing the transferred financial assets and the transaction is accounted for as a secured borrowing. For transfers of financial assets that satisfy the conditions to be accounted for as sales, OFG derecognizes all assets sold; recognizes all assets obtained and liabilities incurred in consideration as proceeds of the sale, including servicing assets and servicing liabilities, if applicable; initially measures at fair value assets obtained and liabilities incurred in a sale; and recognizes in earnings any gain or loss on the sale. The guidance on transfer of financial assets requires a true sale analysis of the treatment of the transfer under state law as if OFG was a debtor under the bankruptcy code. A true sale legal analysis includes several legally relevant factors, such as the intent of the parties, the nature and level of recourse to the transferor, and the nature of retained interests in the loans sold. The analytical conclusion as to a true sale is never absolute and unconditional, and contains qualifications based on the inherent equitable powers of a bankruptcy court, as well as any unsettled matters of state law or common law. Once the legal isolation test has been met, other factors concerning the nature and extent of the transferor’s control over the transferred assets are taken into account in order to determine whether derecognition of assets is warranted.
When OFG sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. Conforming conventional mortgage loans are combined into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or sold directly to FNMA or other private investors for cash. To the extent the loans do not meet the specified characteristics, investors are generally entitled to require OFG to repurchase such loans or indemnify the investor against losses if the assets do not meet certain guidelines.
GNMA programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which OFG provides servicing. At OFG’s option and without GNMA’s prior authorization, OFG may repurchase such delinquent loans for an amount equal to 100% of the loan’s remaining principal balance. This buy-back option is considered a conditional option until the delinquency criteria is met, at which time the option becomes unconditional. When the loans backing a GNMA security are initially securitized, OFG treats the transaction as a sale for accounting purposes because the conditional nature of the buy-back option means that OFG does not maintain effective control over the loans and, therefore, these are derecognized from the statement of financial condition. When individual loans later meet GNMA’s specified delinquency criteria and are eligible for repurchase, OFG is deemed to have regained effective control over these loans, and these must be brought back into OFG’s books as assets, regardless of whether OFG intends to exercise the buy-back option. Quality review procedures are performed by OFG as required under the government agency programs to ensure that asset guideline qualifications are met. OFG records a contingent liability for these customary representations and warranties related to loans sold by OFG and is presented within other liabilities in the consolidated statements of financial condition. For more information refer to Note 24 – Commitments and Contingencies.
OFG has liability for residential mortgage loans sold subject to credit recourse, principally loans associated with FNMA residential mortgage loan sales and securitization programs. In the event of any customer default, pursuant to the credit recourse provided, OFG is required to repurchase the loan or reimburse the third-party investor for the incurred loss. The maximum potential amount of future payments that OFG would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. In the event of nonperformance by the borrower, OFG has rights to the underlying collateral securing the mortgage loan. OFG suffers ultimate losses on these loans when the proceeds from a foreclosure sale of the property underlying a defaulted mortgage loan are less than the outstanding principal balance of the loan plus any uncollected interest advanced and the costs of holding and disposing the related property. OFG has established a liability to cover the estimated credit loss exposure related to loans sold with credit recourse.
The estimated losses to be absorbed under the credit recourse arrangements are recorded as a liability when the loans are sold or credit recourse is assumed as part of acquired servicing rights, and are updated by accruing or reversing expense (included as mortgage banking activities in the consolidated statements of operations) throughout the life of the loan, as necessary, when additional relevant information becomes available. The methodology used to estimate the recourse liability is a function of the recourse arrangements given and considers historical and forecast loss experience. The methodology leverages the expected loss framework for mortgage loans to estimate expected future losses. The reserve for the estimated losses under the credit recourse arrangements is presented separately within other liabilities in the consolidated statements of financial condition. For more information refer to Note 24 – Commitments and Contingencies.
Servicing Assets
Servicing Assets
OFG periodically sells or securitizes mortgage loans while retaining the obligation to perform the servicing of such loans. In addition, OFG may purchase or assume the right to service mortgage loans originated by others. Whenever OFG undertakes an obligation to service a loan, management assesses whether a servicing asset and/or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to more than adequately compensate OFG for servicing the loans. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not expected to adequately compensate OFG for its expected cost.
All separately recognized servicing assets are recognized at fair value using the fair value measurement method. Under the fair value measurement method, OFG measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing assets in the statements of operations in the period in which the changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statements of operations. The fair value of servicing rights is subject to fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses.
The fair value of servicing rights is estimated by using a cash flow valuation model, which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions.
Loans and Allowance for Credit Losses
Loans and ACL
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees, and costs.
Loans held for investment that were not purchased with credit deterioration are referred to as non-PCD loans, and loans that were purchased with credit deterioration are referred to as PCD loans.
OFG discontinues accrual of interest after payments become more than 90 days past due or earlier if OFG does not expect the full collection of principal or interest, except for residential mortgage loans insured or guaranteed under applicable FHA and VA programs that are not placed in non-accrual status until they become 12 months or more past due, as they are insured loans. At that time, any accrued income is reversed. The delinquency status is based on the contractual terms of the loans. Loans for which the recognition of interest income has been discontinued are designated as non-accruing. Thereafter, collections are accounted for as a cash method, until qualifying to return to accrual status. Such loans are not reinstated to accrual status until interest is received on a current basis and other factors indicative of doubtful collection cease to exist. The determination as to the ultimate collectability of the loan’s balance may involve management’s judgment in the evaluation of the borrower’s financial condition and prospects for repayment. Interest income is based on the effective yield on the non-PCD loans.
PCD Loans: OFG has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. OFG considered the following factors as indicators that an acquired loan had evidence of deterioration in credit quality: loans that were 90 days or more past due; loans that had an internal loan grade of substandard or worse - substandard loans have a well-defined weakness that jeopardizes collection of the loan; loans that were classified as nonaccrual by the acquired bank at the time of acquisition; and loans that had been previously modified in a financial difficulties modification or previously identified as troubled debt restructuring. As such, our PCD loans are recorded at the purchase price plus the ACL expected at the time of acquisition or implementation of the standard. An ACL is determined using an UDCF methodology.
Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, for these loans, the determination of nonaccrual or accrual status is made at the pool level, not the individual loan level. On the adoption of CECL, the ACL was determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the non-credit premium or discount, which will be amortized interest income over the remaining life of the pool. On a quarterly basis, management will monitor the composition and behavior of the pools to assess the ability for cash flow estimation and timing. If, based on the analysis performed, the pool is classified as non-accrual, the accretion/amortization of the non-credit (discount) premium will cease. Changes to the ACL are recorded through the provision expense.
ACL – Loans: OFG adopted CECL, which utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans at the time the financial asset is originated or acquired. The ACL is adjusted each period for changes in expected credit losses. The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods in light of changes in the composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast, and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the ACL when management believes the uncollectability of a loan balance is confirmed. OFG continues to monitor and modify the level of the ACL to ensure it is adequate.
Our methodology for estimating expected credit losses for our loan portfolios includes the following key components:
•Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include, but are not necessarily limited to, product or collateral type, internal risk rating, credit characteristics such as credit scores or collateral types, and historical or expected credit loss patterns.
•Credit losses for loans that do not share similar risk characteristics are estimated on an individual basis. Individual evaluations are typically performed for commercial nonaccrual modified loans classified as financial difficulties modifications or previously identified as troubled debt restructurings, and commercial classified loans that do not share common risk characteristics. The lifetime losses for individually measured loans are estimated based on one of several methods, including the estimated fair value of the underlying collateral, the observable market value of similar debt, or the present value of expected cash flows.
•ACL reserves are estimated over the contractual term of the financial asset adjusted for expected prepayments. As part of the calculation of the contractual term, the expected extension is generally not considered unless the option to extend the loan cannot be canceled unilaterally by OFG. In the case of unconditionally cancellable accounts, such as
credit cards, reserves are based on the expected life of the balance as of the evaluation date (assuming no further charges) and do not include any undrawn commitments that are unconditionally cancellable.
•The quantitative model utilizes a DCF or UDCF approach to estimate expected credit losses using the probability of default (“PD”), loss given default (“LGD”), and exposure at default (“EAD”). DCF method is used for most of the non-PCD portfolio, and the UDCF method for the PCD portfolio. For the EAD, OFG uses a prepayment model that projects prepayments over the life of the loans.
•An economic forecast period based on the relationship of losses with key economic variables for each portfolio segment; OFG has elected a 2-year reasonable and supportable forecast period, with an additional 1-year to mean straight-line reversion occurring within the credit loss models based on the economic inputs. The length of the reasonable and supportable forecast is evaluated at each reporting period and adjusted if deemed necessary.
•Inclusion of qualitative adjustment to consider factors for asset-specific risk characteristics to the extent they do not exist in the historical information that has not been accounted for and could impact the amount of future losses. For example, factors that OFG considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others.
•The estimate of credit losses includes expected recoveries of amounts previously charged off as well as consideration of expected amounts to be written off. If a loan has been charged off, the expected cash flows on the loan are not limited by the current amortized cost balance. Instead, expected cash flows can be assumed up to the unpaid principal balance immediately prior to the charge-off.
•The ACL excludes accrued interest since all our products are subject to a non-accrual and timely write-off policy, except for accrued interest receivable on loans that participated in the Covid-19 and Hurricane Fiona deferral programs with delinquency status between 30 and 89 days past due, in which a reserve is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. Accrued interest receivable totaled $60.9 million and $63.5 million on December 31, 2024 and 2023, respectively, reported in accrued interest receivable on the consolidated statement of financial condition. Accrued interest receivable on loans that participated in the Covid-19 and Hurricane Fiona deferral programs amounted to $18.1 million at December 31, 2024 (December 31, 2023 - $20.2 million), of which $16.3 million (December 31, 2023 - $18.2 million) corresponds to loans in current status. ACL for accrued interest receivable on loans that participated in the deferral programs amounted to $68 thousand and $85 thousand at December 31, 2024 and 2023, respectively.
In our loss forecasting framework, OFG incorporates forward-looking information through the use of macroeconomic scenarios. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, employment rates, real estate prices, gross domestic product levels, GNP levels, and retail sales. As any one economic outlook is inherently uncertain, OFG leverages multiple scenarios. The scenarios that are re-evaluated each quarter and the amount of weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal as well as third-party economists, and industry trends.
Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income through the life of the loan.
OFG has identified the following portfolio segments, commercial loans, mortgage loans, consumer loans, and auto loans, and measures the ACL using the methods described below for each.
Commercial Loans – The segmentation of commercial loans was established by business line, collateral type, size, and delinquency or risk rating/classification to assess the loans based on common risk characteristics. The segmentation aligns with OFG’s current credit policies and procedures for these portfolios. The estimate of expected credit losses on commercial loans is forecasted using models that estimate credit losses over the loan’s contractual life at an individual loan level. The models use the contractual terms to forecast future principal cash flows while also considering expected prepayments, considering that all our lines of credit are unconditionally cancellable. The loss forecasting model determines the probabilities of transition to different credit risk ratings or defaults at each point over the life of the asset based on the borrower’s current credit risk rating and business segment. Assumptions of expected loss are conditioned to the economic outlook, and the model considers key
economic variables such as the unemployment rate, GNP (Puerto Rico-related projections), gross domestic product (U.S. projections), and employment rates (U.S. projections).
Loans that do not share risk characteristics are evaluated on an individual basis. Individual evaluations are typically performed for nonaccrual modified loans classified as FDMs or as previous TDRs, and classified loans that do not share common risk characteristics. Loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate, as OFG elected the collateral-dependent practical expedient. For loans evaluated individually that are not collateral dependent, a DCF method is used to determine the ACL.
Commercial loans are placed on non-accrual status when they become 90 days or more past due and are written down, if necessary, based on the specific evaluation of the underlying collateral, if any.
OFG’s lending activities in the continental United States – referred to as commercial US loans – are conducted through OFG USA and OIB. These activities include the purchase of middle market senior secured cash flow loan participations and the purchase of participations of loans to small and medium sized businesses.
Mortgage Loans – This segment includes traditional mortgages, non-traditional mortgages, mortgages in the loss mitigation program, residential performing FDMs and previous TDRs, and residential non-performing FDMs and previous TDRs. The most significant attribute in estimating OFG’s lifetime expected credit losses is the vintage of the traditional mortgage segment. The estimates are based on OFG’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on the housing price index and unemployment are key factors that impact the frequency and severity of loss estimates. OFG expects to collect the amortized cost basis of government insured residential loans due to the nature of the government guarantee, so the ACL is zero for these loans.
Mortgage loans are placed on non-accrual status when they become 90 days or more past due and are written-down, if necessary, based on the specific evaluation of the collateral underlying the loan, except for FHA and VA insured mortgage loans which are placed in non-accrual when they become 12 months or more past due. For loans that are more than 180 days past due, with the exception of OFG’s fully insured portfolio, the outstanding balance of loans that is in excess of the estimated property value after adjusting for costs to sell is charged off. If the estimated property value decreases in periods subsequent to the initial charge-off, OFG will record additional charge-offs.
Consumer Loans – This portfolio consists of smaller retail loans such as unsecured personal loans, unsecured personal lines of credit, retail credit cards, and overdrafts. The estimates are based on OFG’s historical experience with the loan portfolios, adjusted to reflect the economic outlook. The outlook on the GNP and personal bankruptcy rate are key factors that impact the frequency and severity of loss estimates. Credit cards are revolving lines of credit without a defined maturity date. OFG elected to apply the remaining life methodology for the credit cards and overdrafts. The remaining life methodology takes projected losses based on the economic forecast for credit cards and historical losses on the overdraft segment, based on the expected remaining life of that pool. Future draws on the credit card lines are excluded from the estimated expected credit losses as they are unconditionally cancellable.
Consumer loans are placed on non-accrual status when they become 90 days past due and written-off when payments are delinquent, 120 days in personal loans, and 180 days in credit cards and personal lines of credit.
Auto loans - This portfolio consists of auto loans. The most significant attribute in estimating OFG’s expected credit losses is the FICO score. The estimates are based on OFG’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on GNP and employment rate are key factors that impact the frequency and severity of loss estimates.
Auto loans are placed on non-accrual status when they become 90 days past due, partially written-off to collateral value when payments are delinquent 120 days, and fully written-off when payments are delinquent 180 days.
For the principal enhancements that management made to its methodology, refer to Note 6 – Allowance for Credit Losses.
Financial Difficulties Modifications
Financial Difficulties Modifications
On January 1, 2023, OFG adopted ASU 2022-02, which eliminated the recognition and measurement of TDRs and enhanced disclosures for loan restructurings for borrowers experiencing financial difficulty, or FDMs, using the prospective transition method. Loans that were restructured in a TDR prior to the adoption of ASU 2022-02 will continue to be accounted for under the historical TDR accounting until the relevant loans are paid off, liquidated or subsequently modified. Since adoption, all restructurings, including restructurings for borrowers experiencing financial difficulty, are evaluated to determine whether they result in a new loan or a continuation of an existing loan. Loan restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan as the terms of the restructured loans are typically not at market rates. When a loan is restructured, OFG measures impairment on the loan using a DCF approach that utilizes the loan’s restructured terms, including the post-restructuring interest rate.

A modification is subject to disclosure under the new ASU when OFG separately concludes that both of the following conditions exist: (i) the debtor is experiencing financial difficulties, and (ii) the modification constitutes a reduction in the interest rate on the loan, a payment extension, a forgiveness of principal, or a more-than-insignificant payment delay, or a combination of any of these. Determination that a borrower is experiencing financial difficulties involves a degree of judgment. The identification of FDMs is critical in the determination of the adequacy of the ACL. A FDM is typically in non-accrual status at the time of the modification. These loans continue in non-accrual status until the borrower has demonstrated a willingness and ability to make the restructured loan payments for at least six months of sustained performance after the modification and management has concluded that it is probable that the borrower would not be in payment default in the foreseeable future.
Foreclosed Real Estate and Other Repossessed Assets
Foreclosed Real Estate and Other Repossessed Assets
Foreclosed real estate and other repossessed assets, mainly repossessed automobiles, are initially recorded at the fair value of the real estate or repossessed assets less the cost of selling it at the date of foreclosure or repossession. At the time properties are acquired in full or partial satisfaction of loans, any excess of the loan balance over the estimated fair value of the property is charged against the ACL. After foreclosure or repossession, these properties are carried at the lower of cost or fair value less estimated cost to sell based on recent appraised values or options to purchase the foreclosed or repossessed assets. Any excess of the carrying value over the estimated fair value, less estimated costs to sell, is charged to non-interest expense. The costs and expenses associated to holding these properties in portfolio are expensed as incurred.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill is recognized when the purchase price is higher than the fair value of net assets acquired in business combinations under the purchase method of accounting. OFG’s goodwill is not amortized to expense but is tested for impairment at least annually, and on a more frequent basis, if events or circumstances indicate impairment could have taken place. Such events could include, among others, a significant adverse change in the business climate, an adverse action by a regulator, an unanticipated change in the competitive environment, and a decision to change the operations or dispose of a reporting unit.
A quantitative annual impairment test is not required if, based on a qualitative analysis, OFG determines that the existence of events and circumstances indicates that it is more likely than not that goodwill is not impaired. OFG performs an annual goodwill impairment test as of October 31 and monitors interim triggering events on an ongoing basis. OFG tests for impairment based on the allocation of goodwill and other assets and liabilities, as necessary, to defined reporting segments. A fair value is then determined for each reporting segment. If the fair values of the reporting segments exceed their book values, no write down of the recorded goodwill is necessary. If the fair values are less than the book values, an additional valuation procedure is necessary to assess the proper carrying value of the goodwill.
Reporting segment valuation is inherently subjective, with a number of factors based on assumptions and management judgments or estimates. Actual values may differ significantly from such estimates. Among these are future growth rates for the reporting segments, selection of comparable market transactions, discount rates, and earnings capitalization rates. Changes in assumptions and results due to economic conditions, industry factors, and reporting unit performance and cash flow projections could result in different assessments of the fair values of reporting segments and could result in impairment charges. If an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting segment below its carrying amount, an interim impairment test is required.
Other identifiable intangible assets with a finite useful life, mainly core deposits and customer relationships, are amortized using various methods over the periods benefited, which range from 3 to 10 years. These intangibles are evaluated periodically
for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments on intangible assets with a finite useful life are evaluated under the guidance for impairment or disposal of long-lived assets.
Premises and Equipment
Premises and Equipment
Premises and equipment are carried at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful life of each type of asset. Amortization of leasehold improvements is computed using the straight-line method over the terms of the leases or estimated useful lives of the improvements, whichever is shorter.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
OFG periodically reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In performing the review for recoverability, an estimate of the future cash flows expected to result from the use of the asset and its eventual disposition is made. If the sum of the future cash flows (undiscounted and without interest charges) is less than the carrying amount of the assets, an impairment loss is recognized. The amount of the impairment is the excess of the carrying amount over the fair value of the asset. As of December 31, 2024 and 2023, there was no indication of impairment as a result of such review.
Off-Balance Sheet Instruments
Off-Balance Sheet Instruments
In the ordinary course of business, OFG enters into off-balance sheet instruments consisting of commitments to extend credit, further discussed in Note 24 – Commitments and Contingencies hereto. Such financial instruments are recorded in the financial statements when these are funded or related fees are incurred or received. OFG periodically evaluates the credit risks inherent in these commitments and establishes reserves for such risks if and when these are deemed necessary.
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
ACL on Off-Balance Sheet Credit Exposures
OFG estimates the expected credit losses related to unfunded lending commitments such as letters of credit, financial guarantees, unfunded banker’s acceptances, and binding loan commitments. Reserves are estimated for the unfunded exposure using the same factors as the funded exposure and are reported as reserves for unfunded lending commitments. Net adjustments to the reserve for unfunded commitments are included in the provision for credit losses in the consolidated statements of operations.
Securities Sold Under Agreements to Repurchase
Securities Sold Under Agreements to Repurchase
From time to time, OFG sells securities under agreements to repurchase the same or similar securities. OFG retains effective control over the securities sold under these agreements. Accordingly, such agreements are treated as financing arrangements, and the obligations to repurchase the securities sold are reflected as liabilities. The securities underlying the financing agreements remain included in the asset accounts. The counterparty to repurchase agreements generally has the right to repledge the securities received as collateral.
Income Taxes
Income Taxes
In preparing the consolidated financial statements, OFG is required to estimate income taxes. This involves an estimate of current income tax expense together with an assessment of deferred taxes resulting from differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. An asset versus liability classification exercise is completed for each applicable tax paying entity in each tax jurisdiction and deferred tax assets and liabilities are offset within each jurisdiction. Accordingly, in a single balance sheet, a net deferred tax asset and a net deferred liability may appear.
The determination of current income tax expense involves estimates and assumptions that require OFG to assume certain positions based on its interpretation of current tax laws and regulations. Changes in assumptions affecting estimates may be required in the future, and estimated tax assets or liabilities may need to be increased or decreased accordingly. The accrual for tax contingencies is adjusted in light of changing facts and circumstances, such as the progress of tax audits, case law and emerging legislation. When particular matters arise, a number of years may elapse before such matters are audited and finally resolved. Favorable resolution of such matters could be recognized as a reduction to OFG’s effective tax rate in the year of resolution. Unfavorable settlement of any particular issue could increase the effective tax rate and may require the use of cash in such year.
OFS is a pass-through entity not subject to income taxes at the company level, and the parent will be subject to Puerto Rico income taxes on its distributable share of OFS taxable income under the partnership provisions of the PR Code. At the date of the election all tax attributes of OFS were also transferred to the parent. The same tax treatment applies to Oriental Insurance. Pursuant to these elections OFG is required to pay income taxes on its distributable share of earnings and profits of both entities. In the case of losses reported by any of the entities, such losses may be offset with the taxable income of the other entity. However, OFG is not permitted to use its operating losses to offset the taxable income of its partnerships.

The determination of deferred tax expense or benefit is based on changes in the carrying amounts of assets and liabilities that generate temporary differences. The carrying value of OFG’s net deferred tax assets assumes that it will be able to generate sufficient future taxable income based on estimates and assumptions. If these estimates and related assumptions change in the future, OFG may be required to record valuation allowances against its deferred tax assets resulting in additional income tax expense in the consolidated statements of operations. Management evaluates on a regular basis whether the deferred tax assets can be realized and assesses the need for a valuation allowance. A valuation allowance is established when management believes that it is more likely than not that some portion of its deferred tax assets will not be realized. Changes in valuation allowance from period to period are included in OFG’s tax provision in the period of change.

In addition to valuation allowances, OFG establishes accruals for uncertain tax positions when, despite the belief that OFG’s tax return positions are fully supported, OFG believes that certain positions are likely to be challenged. The accruals for uncertain tax positions are adjusted in light of changing facts and circumstances, such as the progress of tax audits, case law, and emerging legislation. The accruals for OFG’s uncertain tax positions are reflected as income tax payable as a component of accrued expenses and other liabilities. These accruals are reduced upon expiration of the applicable statute of limitations.

OFG follows a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement.
OFG’s policy is to include interest and penalties related to unrecognized income tax benefits within the provision for income taxes on the consolidated statements of operations.
OFG is potentially subject to income tax audits in the Commonwealth of Puerto Rico for taxable years 2020 to 2023, until the applicable statute of limitations expires. In addition, OFG’s US subsidiaries are potentially subject to income tax audits by the IRS for taxable years 2021 to 2023. Tax audits by their nature are often complex and can require several years to complete.
Advertising Cost
Advertising Costs
Advertising costs are expensed as incurred.
Revenue Recognition
Revenue Recognition
ASC 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.
The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit, and investment securities, as well as revenue related to our mortgage servicing activities, as these activities are subject to other GAAP discussed elsewhere within our disclosures.
Revenue-generating activities that are within the scope of ASC 606, which are presented in OFG’s statement of operations as components of non-interest income are described in Note 28 – Business Segments.
Stock-Based Compensation Plan
Stock-Based Compensation Plan
OFG’s 2007 Omnibus Performance Incentive Plan, as amended and restated (the “Omnibus Plan”), provides for equity-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted units and dividend equivalents, as well as equity-based performance awards. The Omnibus Plan was adopted in 2007, amended and restated in 2008, and further amended in 2010, 2013 and 2023.
The purpose of the Omnibus Plan is to provide flexibility to OFG to attract, retain and motivate directors, officers, and key employees through the grant of awards based on performance and to adjust its compensation practices to the best compensation practice and corporate governance trends as they develop from time to time. The Omnibus Plan is further intended to motivate high levels of individual performance coupled with increased shareholder returns. Therefore, awards under the Omnibus Plan (each, an “Award”) are intended to be based upon the recipient’s individual performance, corporate performance, level of responsibility and potential to make significant contributions to OFG. Generally, the Omnibus Plan will terminate as of (a) the date when no more of OFG’s shares of common stock are available for issuance under the Omnibus Plan or, (b) if earlier, the date the Omnibus Plan is terminated by OFG’s Board of Directors.
The Board’s Compensation Committee (the “Committee”), or such other committee as the Board may designate, has full authority to interpret and administer the Omnibus Plan in order to carry out its provisions and purposes. The Committee has the authority to determine those persons eligible to receive an Award and to establish the terms and conditions of any Award. The Committee may delegate, subject to such terms or conditions or guidelines as it shall determine, to any employee or group of employees any portion of its authority and powers under the Omnibus Plan with respect to participants who are not directors or executive officers subject to the reporting requirements under Section 16(a) of the Exchange Act. Only the Committee may exercise authority in respect to Awards granted to such participants.
The expected term of stock options granted represents the period of time that such options are expected to be outstanding. Expected volatilities are based on historical volatility of OFG’s shares of common stock over the most recent period equal to the expected term of the stock options. For stock options issued during 2015, the expected volatilities are based on both historical and implied volatility of OFG’s shares of common stock.
OFG follows the fair value method of recording stock-based compensation. OFG used the modified prospective transition method, which requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award with the cost to be recognized over the service period. It applies to all awards unvested and granted after the effective date and awards modified, repurchased, or cancelled after that date.
Comprehensive Income
Comprehensive Income
Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, except for those resulting from investments by owners and distributions to owners. GAAP requires that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities and on derivative activities that qualify and are designated for cash flows hedge accounting, net of taxes, are reported as a separate component of the stockholders’ equity section of the consolidated statements of financial condition, such items, along with net income, are components of comprehensive income.
Commitments and Contingencies
Commitments and Contingencies
Liabilities for loss contingencies, arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Lease Accounting
Lease Accounting
Right of use assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset.
Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, and any impairment of the right-of-use asset. Variable lease payments are generally expensed as incurred and include certain non-lease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term.
OFG’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases.
Subsequent Events
Subsequent Events
OFG has evaluated other events subsequent to the balance sheet date and prior to the filing of this annual report on Form 10-K for 2024, and has adjusted and disclosed those events that have occurred that would require adjustment or disclosure in the consolidated financial statements.
New Accounting Updates Not Yet Adopted and New Accounting Updates Adopted
New Accounting Updates Not Yet Adopted
Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning
after December 15, 2027. Early adoption is permitted. We will adopt this guidance when it becomes effective in the annual period of 2027 on a prospective basis. We are currently estimating the impact on our financial statements and disclosures.
Codification Improvements—Amendments to Remove References to the Concepts Statements. In March 2024, the FASB issued ASU 2024-02, which removes various references to concept statements from the FASB Accounting Standards Codification. The ASU intends to simplify the Accounting Standards Codification and distinguish between non-authoritative and authoritative guidance. For public business entities, the amendments will be effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The amendments can be applied prospectively or retrospectively. We will adopt this guidance when it becomes effective in the first quarter of 2025 on a prospective basis, and the impact on our financial statements and disclosures is not expected to be material.
Compensation—Stock Compensation. In March 2024, the FASB issued ASU 2024-01 to improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted for in accordance with Topic 718. The ASU is intended to reduce complexity and diversity in practice. For public business entities, the amendments will be effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. We will adopt this guidance when it becomes effective in the first quarter of 2025 on a prospective basis. The impact on our financial statements and disclosures is not expected to be material.
Income Taxes—Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09 to enhance income tax disclosures and address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The ASU’s two primary enhancements will require further disaggregation for existing disclosures for the effective tax rate reconciliation and income taxes paid. More specifically, the amendments will require entities to disclose: (i) a tabular effective tax rate reconciliation, broken out into specific categories with certain reconciling items above a 5% threshold further broken out by nature and jurisdiction; and (ii) income taxes paid (net of refunds received), broken out between federal, state and foreign, and net amounts paid to an individual jurisdiction that exceed 5% of the total. The amendments in this update are effective for annual periods beginning after December 15, 2024. Entities are permitted to early adopt these amendments. The amendments should be applied prospectively, but retrospective application is permitted. We will adopt this guidance when it becomes effective, in the annual period of 2025 on a prospective basis. We expect to provide additional disaggregated income tax disclosures in accordance with this ASU. This ASU will not impact our Consolidated Statement of Operations, Consolidated Balance Sheet, Consolidated Statement of Cash Flows, Consolidated Statement of
Comprehensive Income, or Consolidated Statement of Changes in Equity.
New Accounting Updates Adopted in 2024
Segment Reporting—Improvements to Reportable Segment Disclosures. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07 to enhance segment reporting by expanding the breadth and frequency of segment disclosures required for public entities. The amendments in this ASU allows registrants to disclose multiple measures of segment profit or loss and it also clarifies that single reportable segment entities must apply Topic 280 in its entirety. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. Our adoption of this standard for the annual period of 2024 did not have a material impact on our consolidated financial statements. Refer to Note 28 – Business Segments for disclosures.
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INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
The amortized cost, gross unrealized gains and losses, fair value, weighted average yield and contractual maturities of the securities owned by OFG at December 31, 2024 and 2023 were as follows:
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value		Weighted Average Yield
(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates
Due from 1 to 5 years$14,930 $— $587 $14,343 2.07 %
Due from 5 to 10 years23,664 — 1,415 22,249 1.90 %
Due after 10 years1,943,193 5,545 72,449 1,876,289 4.51 %
Total FNMA and FHLMC certificates1,981,787 5,545 74,451 1,912,881 4.46 %
GNMA certificates
Due from 1 to 5 years6,215 — 177 6,038 1.74 %
Due from 5 to 10 years11,358 10 641 10,727 2.25 %
Due after 10 years437,308 4,058 40,146 401,220 3.63 %
Total GNMA certificates454,881 4,068 40,964 417,985 3.57 %
CMOs issued by US government-sponsored agencies
Due from 1 to 5 years5,015 — 126 4,889 1.78 %
Due after 10 years753 — 3 750 5.07 %
Total CMOs issued by US government-sponsored agencies5,768 — 129 5,639 2.21 %
Total mortgage-backed securities2,442,436 9,613 115,544 2,336,505 4.29 %
Investment securities
US Treasury securities
Due less than 1 year1,149 1 — 1,150 4.85 %
Other debt securities
Due from 1 to 5 years550 — — 550 2.41 %
Total investment securities1,699 1 — 1,700 4.06 %
Total securities available for sale$2,444,135 $9,614 $115,544 $2,338,205 4.29 %
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value		Weighted Average Yield
(In thousands)
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates
Due after 10 years$292,158 $— $60,006 $232,152 1.73 %
Investment securities
Other debt securities
Due less than 1 year35,000 22 — 35,022 5.53 %
Total securities held to maturity$327,158 $22 $60,006 $267,174 2.13 %
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value		Weighted Average Yield
(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates
Due from 1 to 5 years$6,972 — $311 $6,661 1.76 %
Due from 5 to 10 years45,835 — 2,767 43,068 2.00 %
Due after 10 years1,411,327 8,989 54,100 1,366,216 4.11 %
Total FNMA and FHLMC certificates1,464,134 8,989 57,178 1,415,945 4.03 %
GNMA certificates
Due less than 1 year5 — — 5 1.31 %
Due from 1 to 5 years8,851 — 351 8,500 1.71 %
Due from 5 to 10 years17,113 16 955 16,174 2.19 %
Due after 10 years380,306 4,419 33,110 351,615 3.38 %
Total GNMA certificates406,275 4,435 34,416 376,294 3.30 %
CMOs issued by US government-sponsored agencies
Due from 1 to 5 years9,071 — 364 8,707 1.78 %
Due from 5 to 10 years54 — — 54 2.14 %
Due after 10 years861 — 12 849 5.07 %
Total CMOs issued by US government-sponsored agencies9,986 — 376 9,610 2.06 %
Total mortgage-backed securities1,880,395 13,424 91,970 1,801,849 3.86 %
Investment securities
US Treasury securities due less than 1 year
296,747 52 — 296,799 5.40 %
Other debt securities
Due less than 1 year500 — — 500 3.25 %
Due from 1 to 5 years119 — 3 116 2.97 %
Total other debt securities619 — 3 616 3.20 %
Total investment securities297,366 52 3 297,415 5.39 %
Total securities available for sale$2,177,761 $13,476 $91,973 $2,099,264 4.07 %
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value		Weighted Average Yield
(In thousands)
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates
Due after 10 years$314,710 $— $56,767 $257,943 1.72 %
Investment securities
US Treasury securities
Due less than 1 year199,314 — 1,548 197,766 3.33 %
Other debt securities
Due from 1 to 5 years35,000 55 — 35,055 6.36 %
Total securities held to maturity$549,024 $55 $58,315 $490,764 2.60 %
Schedule of Gross Realized Gains and Losses by Category
Year Ended December 31, 2024
DescriptionSale PriceBook Value at SaleGross GainsGross Losses
(In thousands)
Sale of investment securities available-for-sale
Investment securities
US Treasury securities$149,406 $149,413 $— $7 
Year Ended December 31, 2023
DescriptionSale PriceBook Value at SaleGross GainsGross Losses
(In thousands)
Sale of investment securities available-for-sale
Investment securities
US Treasury securities$202,133 $203,282 $— $1,149 
Year Ended December 31, 2022
DescriptionSale PriceBook Value at SaleGross GainsGross Losses
(In thousands)
Sale of investment securities available-for-sale
Investment securities
US Treasury securities$242,126 $242,373 $— $247 
Schedule of Unrealized Gains and Losses by Category
The following table shows OFG’s gross unrealized losses and fair value of investment securities available-for-sale at December 31, 2024 and 2023, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
December 31, 2024
12 months or more
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$641,189 $61,462 $579,727 
GNMA certificates240,265 38,945 201,320 
CMOs issued by US Government-sponsored agencies5,768 129 5,639 
$887,222 $100,536 $786,686 
December 31, 2024
Less than 12 months
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$804,976 $12,989 $791,987 
GNMA certificates85,792 2,019 83,773 
$890,768 $15,008 $875,760 
December 31, 2024
Total
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$1,446,165 $74,451 $1,371,714 
GNMA certificates326,057 40,964 285,093 
CMOs issued by US Government-sponsored agencies5,768 129 5,639 
$1,777,990 $115,544 $1,662,446 

The unrealized losses on OFG’s investment in federal agency mortgage-backed securities were caused by market volatility related to market uncertainty tied to interest rates. OFG purchased those investments at a discount relative to their face amount, and the contractual cash flows of those investments are guaranteed by an agency of the U.S. government or by a government-sponsored enterprise. Accordingly, it is expected that the securities would not be settled at a price that is less than the amortized cost basis of OFG’s investments. OFG does not intend to sell the investments, and it is not more likely than not that OFG will be required to sell the investments before recovery of their amortized cost basis.
December 31, 2023
12 months or more
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$731,334 $56,847 $674,487 
GNMA certificates275,669 34,364 241,305 
CMOs issued by US Government-sponsored agencies9,986 376 9,610 
Other debt securities119 3 116 
$1,017,108 $91,590 $925,518 
December 31, 2023
Less than 12 months
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$106,235 $331 $105,904 
GNMA certificates7,864 52 7,812 
$114,099 $383 $113,716 

December 31, 2023
Total
Amortized
Cost		Unrealized
Loss		Fair
Value
(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates$837,569 $57,178 $780,391 
GNMA certificates283,533 34,416 249,117 
CMOs issued by US Government-sponsored agencies9,986 376 9,610 
Other debt securities119 3 116 
$1,131,207 $91,973 $1,039,234 
v3.25.0.1
PLEDGED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Pledged Assets [Abstract]  
Schedule of Pledged and not Pledged Assets
The following table shows a summary of pledged and not pledged assets at December 31, 2024 and 2023. Investment securities available for sale are presented at fair value, and investment securities held to maturity, residential mortgage loans, commercial loans, consumer loans and auto loans are presented at amortized cost:
December 31,
20242023
(In thousands)
Pledged investment securities to secure:
Securities sold under agreements to repurchase$80,968 $— 
Bank Term Funding Program41,889 48,070 
IBE Regulation1,045 645 
Bond for the Bank's trust operations104 104 
Puerto Rico public fund deposits1,439,627 1,575,042 
Total pledged investment securities1,563,633 1,623,861 
Pledged residential mortgage loans to secure:
Advances from the FHLB
700,469 769,813 
Pledged commercial loans to secure:
Advances from the FHLB
394,597 236,665 
Federal Reserve Bank Credit Facility79,893 70,075 
Puerto Rico public fund deposits66,944 69,731 
541,434 376,471 
Pledged auto loans to secure:
Federal Reserve Bank Credit Facility2,069,693 1,169,711 
Pledged consumer loans to secure:
Federal Reserve Bank Credit Facility551,131 — 
Total pledged assets$5,426,360 $3,939,856 
Financial assets not pledged:
Investment securities$1,101,730 $1,024,427 
Residential mortgage loans783,634 792,796 
Commercial loans2,566,102 2,728,777 
Consumer loans117,430 620,446 
Auto loans479,800 1,104,710 
Total assets not pledged$5,048,696 $6,271,156 
v3.25.0.1
LOANS (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Loan Portfolio
The composition of the amortized cost basis of OFG’s loan portfolio at December 31, 2024 and 2023 was as follows:
December 31, 2024December 31, 2023
Non-PCDPCDTotalNon-PCDPCDTotal
(In thousands)
Commercial PR:
Commercial secured by real estate$1,222,395 $77,196 $1,299,591 $1,095,207 $120,988 $1,216,195 
Other commercial and industrial1,087,886 11,533 1,099,419 1,091,021 14,459 1,105,480 
2,310,281 88,729 2,399,010 2,186,228 135,447 2,321,675 
Commercial US704,081 — 704,081 755,228 — 755,228 
Total commercial loans3,014,362 88,729 3,103,091 2,941,456 135,447 3,076,903 
Mortgage loans628,853 841,964 1,470,817 629,247 933,362 1,562,609 
Consumer loans:
Personal loans620,430 245 620,675 568,358 264 568,622 
Credit lines10,126 353 10,479 10,926 288 11,214 
Credit cards36,956 — 36,956 40,314 — 40,314 
Overdraft451 — 451 296 — 296 
667,963 598 668,561 619,894 552 620,446 
Auto loans2,549,033 460 2,549,493 2,272,530 1,891 2,274,421 
6,860,211 931,751 7,791,962 6,463,127 1,071,252 7,534,379 
Allowance for credit losses(170,709)(5,154)(175,863)(152,610)(8,496)(161,106)
Total loans held for investment, net6,689,502 926,597 7,616,099 6,310,517 1,062,756 7,373,273 
Mortgage loans held-for-sale13,286 — 13,286 — — — 
Other loans held-for-sale4,446 — 4,446 28,345 — 28,345 
Total loans held-for-sale17,732 — 17,732 28,345 — 28,345 
Total loans, net$6,707,234 $926,597 $7,633,831 $6,338,862 $1,062,756 $7,401,618 
Schedule of Aging of Recorded Investment in Gross Loans
December 31, 2024
30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal LoansLoans 90+
Days Past
Due and
Still
Accruing
(In thousands)
Commercial PR:
Commercial secured by real estate$879 $215 $9,780 $10,874 $1,211,521 $1,222,395 $— 
Other commercial and industrial597 629 3,588 4,814 1,083,072 1,087,886 — 
1,476 844 13,368 15,688 2,294,593 2,310,281 — 
Commercial US— 4,505 — 4,505 699,576 704,081 — 
Total commercial loans1,476 5,349 13,368 20,193 2,994,169 3,014,362 — 
Mortgage loans
5,362 6,069 59,995 71,426 557,427 628,853 2,047 
Consumer loans:
Personal loans8,522 4,655 3,494 16,671 603,759 620,430 — 
Credit lines53 38 125 216 9,910 10,126 — 
Credit cards670 255 571 1,496 35,460 36,956 — 
Overdraft88 — — 88 363 451 — 
9,333 4,948 4,190 18,471 649,492 667,963 — 
Auto loans
119,805 50,208 20,055 190,068 2,358,965 2,549,033 — 
Total loans$135,976 $66,574 $97,608 $300,158 $6,560,053 $6,860,211 $2,047 
December 31, 2023
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal LoansLoans 90+
Days Past
Due and
Still
Accruing
(In thousands)
Commercial PR:
Commercial secured by real estate$1,585 $411 $5,671 $7,667 $1,087,540 $1,095,207 $— 
Other commercial and industrial1,366 291 4,974 6,631 1,084,390 1,091,021 — 
2,951 702 10,645 14,298 2,171,930 2,186,228 — 
Commercial US— — — — 755,228 755,228 — 
Total commercial loans2,951 702 10,645 14,298 2,927,158 2,941,456 — 
Mortgage loans
6,107 9,596 31,557 47,260 581,987 629,247 2,478 
Consumer loans:
Personal loans6,115 4,041 2,755 12,911 555,447 568,358 — 
Credit lines137 35 35 207 10,719 10,926 — 
Credit cards657 280 586 1,523 38,791 40,314 — 
Overdraft87 14 — 101 195 296 — 
6,996 4,370 3,376 14,742 605,152 619,894 — 
Auto loans101,610 46,071 19,056 166,737 2,105,793 2,272,530 — 
Total loans$117,664 $60,739 $64,634 $243,037 $6,220,090 $6,463,127 $2,478 
Schedule of Investment in Loans on Non-Accrual Status
The following table presents the amortized cost basis of loans held for investment on non-accrual status as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Non-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotalNon-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotal
(In thousands)(In thousands)
Non-PCD:
Commercial PR:
Commercial secured by real estate$4,610 $6,248 $10,858 $3,553 $7,929 $11,482 
Other commercial and industrial1,855 1,996 3,851 4,560 830 5,390 
6,465 8,244 14,709 8,113 8,759 16,872 
Commercial US21,317 2,887 24,204 19,224 — 19,224 
Total commercial loans
27,782 11,131 38,913 27,337 8,759 36,096 
Mortgage loans
8,770 3,153 11,923 10,339 3,858 14,197 
Consumer loans:
Personal loans3,468 44 3,512 2,741 14 2,755 
Credit lines125 — 125 35 — 35 
Credit cards570 — 570 586 — 586 
4,163 44 4,207 3,362 14 3,376 
Auto loans20,049 6 20,055 19,051 5 19,056 
Total$60,764 $14,334 $75,098 $60,089 $12,636 $72,725 
PCD:
Commercial PR:
Commercial secured by real estate$— $1,946 $1,946 $3,060 $2,417 $5,477 
Other commercial and industrial695 — 695 — 947 947 
Total commercial loans
695 1,946 2,641 3,060 3,364 6,424 
Mortgage loans
239 — 239 250 — 250 
Total$934 $1,946 $2,880 $3,310 $3,364 $6,674 
Total non-accrual loans$61,698 $16,280 $77,978 $63,399 $16,000 $79,399 
Schedule of Troubled Debt Restructurings The following tables present the amortized cost basis as of December 31, 2024 and 2023 of loans held for investment that were modified during 2024 and 2023, disaggregated by class of financing receivable and type of concession granted.
Year Ended December 31, 2024
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Commercial US$9,257 1.31 %$— — %$6,286 0.89 %$— — %$— — %
Mortgage loans
— — %1,682 0.11 %— — %88 0.01 %105 0.01 %
Consumer:
Personal loans26 — %6 — %— — %— — %— — %
Auto loans
162 0.01 %— — %— — %— — %— — %
Total$9,445 $1,688 $6,286 $88 $105 
Year Ended December 31, 2023
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Commercial PR:
Commercial secured by real estate$— — %$6,332 0.52 %$— — %$— — %$— — %
Other commercial and industrial— — %689 0.06 %— — %— — %— — %
— — %7,021 0.23 %— — %— — %— — %
Commercial US6,649 0.88 %— — %— — %— — %4,183 0.55 %
Total commercial loans
6,649 0.88 %7,021 0.23 %— — %— — %4,183 0.55 %
Mortgage loans— — %5,777 0.37 %97 0.01 %710 0.05 %440 0.03 %
Consumer:
Personal loans37 0.01 %— — %— — %80 0.01 %— — %
Auto loans48 — %13 — %— — %53 — %— — %
Total$6,734 $12,811 $97 $843 $4,623 
Year Ended December 31, 2024
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial US0.73 %0$623 
Mortgage loans0.38 %14911 
Consumer loans:
Personal loans5.00 %18— 
Auto loans2.82 %0— 
Year Ended December 31, 2023
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial PR:
Commercial loans secured by real estate— %23$— 
Commercial US1.95 %312,973 
Mortgage loans1.94 %21324 
Consumer loans:
Personal loans2.98 %81— 
Auto loans
3.00 %0— 
Schedule of Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
The following tables present the amortized cost basis as of December 31, 2024 and 2023, of loans held for investment that had a payment default subsequent to being granted a modification to borrowers experiencing financial difficulty in the prior twelve months.
Twelve-Months Ended December 31, 2024
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
Interest Rate ReductionTerm ExtensionPrincipal Forgiveness/ForbearanceCombination - Term Extension and Interest Rate ReductionTotal
(In thousands)
Mortgage loans$— $149 $— $— $149 
Twelve-Months Ended December 31, 2023
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
Interest Rate ReductionTerm ExtensionPrincipal Forgiveness/ForbearanceCombination - Term Extension and Interest Rate ReductionTotal
(In thousands)
Mortgage loans$— $704 $— $— $704 
Schedule of Financing Receivable, Modified, Past Due The following table presents the payment status of loans that have been modified in the year ended December 31, 2024 and 2023 that were granted to borrowers experiencing financial difficulty.
December 31, 2024
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal
(In thousands)
Commercial US$— $— $— $— $15,543 $15,543 
Mortgage loans118 37 149 304 1,571 1,875 
Consumer loans:
Personal loans— — — — 32 32 
Auto loans— — — — 162 162 
Total$118 $37 $149 $304 $17,308 $17,612 
December 31, 2023
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal
(In thousands)
Commercial PR:
Commercial loans secured by real estate$— $— $— $— $6,332 $6,332 
Other commercial and industrial— — — — 689 689 
— — — — 7,021 7,021 
Commercial US— — — — 10,832 10,832 
Total commercial loans
— — — — 17,853 17,853 
Mortgage loans
471 297 583 1,351 5,673 7,024 
Consumer loans:
Personal loans— — — — 117 117 
Auto loans30 — — 30 84 114 
Total$501 $297 $583 $1,381 $23,727 $25,108 
Schedule of the Amortized Cost of Collateral-Dependent Loans Held for Investment
The table below presents the amortized cost of commercial collateral-dependent loans held for investment at December 31, 2024 and 2023, by class of loans.
December 31,
20242023
(In thousands)
Commercial PR:
Commercial loans secured by real estate$6,877 $8,027 
Schedule of Credit Quality Indicators of Loans
As of December 31, 2024, and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans, and current year-to-date period gross charge-offs by year of origination is as follows:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20242023202220212020Prior
(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass$219,185 $204,144 $229,955 $190,891 $106,562 $180,600 $46,448 $1,177,785 
Special Mention— 13,702 7,205 6,192 909 3,721 73 31,802 
Substandard— — 554 1,479 1,198 8,572 1,005 12,808 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial secured by real estate219,185 217,846 237,714 198,562 108,669 192,893 47,526 1,222,395 
Commercial secured by real estate:
YTD gross charge-offs
— 184 — — — 26 — 210 
Other commercial and industrial:
Loan grade:
Pass146,372 269,680 48,516 49,751 23,858 13,508 477,838 1,029,523 
Special Mention— 373 3,281 45,012 — 136 4,920 53,722 
Substandard21 15 317 640 111 825 2,712 4,641 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total other commercial and industrial:146,393 270,068 52,114 95,403 23,969 14,469 485,470 1,087,886 
Other commercial and industrial:
YTD gross charge-offs
117 143 298 3,573 — 238 — 4,369 
Commercial US:
Loan grade:
Pass56,534 120,064 21,648 57,736 20,138 21,884 273,971 571,975 
Special Mention— — — — — — 39,896 39,896 
Substandard16,094 16,422 26,536 4,689 — 5,647 21,204 90,592 
Doubtful1,618 — — — — — — 1,618 
Loss— — — — — — — — 
Total Commercial US:74,246 136,486 48,184 62,425 20,138 27,531 335,071 704,081 
Commercial US:
YTD gross charge-offs
— — 392 1,749 — 1,497 — 3,638 
Total commercial loans$439,824 $624,400 $338,012 $356,390 $152,776 $234,893 $868,067 $3,014,362 
Total YTD gross charge-offs
$117 $327 $690 $5,322 $— $1,761 $— $8,217 
As of December 31, 2023, and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans is as follows:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20232022202120202019Prior
(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass$224,598 $216,205 $195,884 $120,489 $80,671 $131,016 $65,873 $1,034,736 
Special Mention— 1,772 6,554 5,057 15,676 12,500 153 41,712 
Substandard— 459 1,386 1,109 2,615 11,939 1,236 18,744 
Doubtful— — — — — 15 — 15 
Loss— — — — — — — — 
Total commercial secured by real estate224,598 218,436 203,824 126,655 98,962 155,470 67,262 1,095,207 
Commercial secured by real estate:
YTD gross charge-offs
— — 265 — 94 820 — 1,179 
Other commercial and industrial:
Loan grade:
Pass284,615 99,522 113,760 37,665 7,438 14,836 527,008 1,084,844 
Special Mention8 2,953 — — 51 100 — 3,112 
Substandard3 473 826 259 935 186 383 3,065 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total other commercial and industrial:284,626 102,948 114,586 37,924 8,424 15,122 527,391 1,091,021 
Other commercial and industrial:
YTD gross charge-offs
— 124 1,095 89 9 1,180 — 2,497 
Commercial US:
Loan grade:
Pass142,222 63,885 69,233 31,206 28,202 8,085 358,757 701,590 
Special Mention— 7,803 — — — — 20,913 28,716 
Substandard10,832 — — — — 5,699 8,391 24,922 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total Commercial US:153,054 71,688 69,233 31,206 28,202 13,784 388,061 755,228 
Commercial US:
YTD gross charge-offs
33 1,156 642 47 — 8,637 — 10,515 
Total commercial loans$662,278 $393,072 $387,643 $195,785 $135,588 $184,376 $982,714 $2,941,456 
Total YTD gross charge-offs
$33 $1,280 $2,002 $136 $103 $10,637 $— $14,191 
The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2024:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20242023202220212020Prior
(In thousands)
Mortgage loans:
Payment performance:
Performing$41,100 $18,986 $23,207 $28,034 $20,203 $480,388 $— $611,918 
Nonperforming148 636 107 466 102 15,476 — 16,935 
Total mortgage loans:41,248 19,622 23,314 28,500 20,305 495,864 — 628,853 
Mortgage loans:
YTD gross charge-offs
— — — — — 126 — 126 
Consumer loans:
Personal loans:
Payment performance:
Performing265,955 175,932 114,654 40,794 11,563 8,020 — 616,918 
Nonperforming438 1,292 1,266 353 51 112 — 3,512 
Total personal loans266,393 177,224 115,920 41,147 11,614 8,132 — 620,430 
Personal loans:
YTD gross charge-offs
1,425 10,788 11,973 3,443 700 1,088 — 29,417 
Credit lines:
Payment performance:
Performing— — — — — — 10,001 10,001 
Nonperforming— — — — — — 125 125 
Total credit lines— — — — — — 10,126 10,126 
Credit lines:
YTD gross charge-offs
— — — — — — 156 156 
Credit cards:
Payment performance:
Performing— — — — — — 36,386 36,386 
Nonperforming— — — — — — 570 570 
Total credit cards— — — — — — 36,956 36,956 
Credit cards:
YTD gross charge-offs
— — — — — — 2,781 2,781 
Overdrafts:
Payment performance:
Performing— — — — — — 451 451 
Nonperforming— — — — — — — — 
Total overdrafts— — — — — — 451 451 
Overdrafts:
YTD gross charge-offs
— — — — — — 912 912 
Total consumer loans266,393 177,224 115,920 41,147 11,614 8,132 47,533 667,963 
Total consumer loans YTD gross charge-offs
1,425 10,788 11,973 3,443 700 1,088 3,849 33,266 
Total mortgage and consumer loans$307,641 $196,846 $139,234 $69,647 $31,919 $503,996 $47,533 $1,296,816 
Total mortgage and consumer loans YTD gross charge-offs
$1,425 $10,788 $11,973 $3,443 $700 $1,214 $3,849 $33,392 
The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2023:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20232022202120202019Prior
(In thousands)
Mortgage loans:
Payment performance:
Performing$24,623 $19,722 $23,303 $15,821 $14,589 $511,182 $— $609,240 
Nonperforming— — 181 108 479 19,239 — 20,007 
Total mortgage loans:24,623 19,722 23,484 15,929 15,068 530,421 — 629,247 
Mortgage loans:
YTD gross charge-offs
— 4 — — — 755 — 759 
Consumer loans:
Personal loans:
Payment performance:
Performing270,883 186,612 68,133 19,185 14,460 6,330 — 565,603 
Nonperforming503 1,588 304 193 66 101 — 2,755 
Total personal loans271,386 188,200 68,437 19,378 14,526 6,431 — 568,358 
Personal loans:
YTD gross charge-offs
1,748 10,512 4,661 830 1,384 731 — 19,866 
Credit lines:
Payment performance:
Performing— — — — — — 10,891 10,891 
Nonperforming— — — — — — 35 35 
Total credit lines— — — — — — 10,926 10,926 
Credit lines:
YTD gross charge-offs
— — — — — — 419 419 
Credit cards:
Payment performance:
Performing— — — — — — 39,728 39,728 
Nonperforming— — — — — — 586 586 
Total credit cards— — — — — — 40,314 40,314 
Credit cards:
YTD gross charge-offs
— — — — — — 2,825 2,825 
Overdrafts:
Payment performance:
Performing— — — — — — 296 296 
Nonperforming— — — — — — — — 
Total overdrafts— — — — — — 296 296 
Overdrafts:
YTD gross charge-offs
— — — — — — 545 545 
Total consumer loans271,386 188,200 68,437 19,378 14,526 6,431 51,536 619,894 
Total consumer loans YTD gross charge-offs
1,748 10,512 4,661 830 1,384 731 3,789 23,655 
Total mortgage and consumer loans$296,009 $207,922 $91,921 $35,307 $29,594 $536,852 $51,536 $1,249,141 
Total mortgage and consumer loans YTD gross charge-offs
$1,748 $10,516 $4,661 $830 $1,384 $1,486 $3,789 $24,414 
The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2024:
Term Loans
Amortized Cost Basis by Origination Year		Total
20242023202220212020Prior
(In thousands)
Auto loans:
FICO score:
1-660$157,865 $191,510 $163,990 $93,675 $41,016 $38,369 $686,425 
661-699172,579 116,145 69,573 36,607 15,583 13,720 424,207 
700+521,507 397,649 243,449 130,613 66,571 54,947 1,414,736 
No FICO5,266 6,630 5,616 3,255 1,265 1,633 23,665 
Total auto loans
$857,217 $711,934 $482,628 $264,150 $124,435 $108,669 $2,549,033 
Auto loans:
YTD gross charge-offs
$4,068 $21,603 $18,912 $8,552 $3,799 $4,717 $61,651 
The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2023:
Term Loans
Amortized Cost Basis by Origination Year		Total
20232022202120202019Prior
(In thousands)
Auto loans:
FICO score:
1-660$170,639 $190,743 $118,821 $57,087 $41,124 $38,570 $616,984 
661-699169,430 110,260 58,166 25,886 18,253 16,137 398,132 
700+474,005 323,514 183,286 103,886 88,929 58,779 1,232,399 
No FICO6,203 6,537 4,592 2,200 3,886 1,597 25,015 
Total auto loans
$820,277 $631,054 $364,865 $189,059 $152,192 $115,083 $2,272,530 
Auto loans:
YTD gross charge-offs
$4,090 $18,142 $10,894 $4,008 $3,380 $3,250 $43,764 
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES (Tables)
 12 Months Ended
Dec. 31, 2024
Credit Loss [Abstract]  
Schedule of Gross Loan and Allowance for Credit Losses
The following tables present the activity in OFG’s ACL by segment for 2024, 2023 and 2022:
Year Ended December 31, 2024
CommercialMortgageConsumer
Auto
Total
(In thousands)
Non-PCD:
Balance at beginning of year$44,041 $7,998 $27,086 $73,485 $152,610 
Provision for (recapture of) credit losses6,922 (2,546)33,832 49,514 87,722 
Charge-offs(8,217)(126)(33,266)(61,651)(103,260)
Recoveries2,068 1,069 4,166 26,334 33,637 
Balance at end of year$44,814 $6,395 $31,818 $87,682 $170,709 
PCD:
Balance at beginning of year$1,113 $7,351 $7 $25 $8,496 
Recapture of provision for credit losses(935)(3,985)(58)(197)(5,175)
Charge-offs(967)(178)— (25)(1,170)
Recoveries1,411 1,326 62 204 3,003 
Balance at end of year$622 $4,514 $11 $7 $5,154 
Total allowance for credit losses at end of year$45,436 $10,909 $31,829 $87,689 $175,863 
Year Ended December 31, 2023
CommercialMortgageConsumer
Auto
Total
(In thousands)
Non-PCD:
Balance at beginning of year$39,158 $9,571 $23,264 $69,848 $141,841 
Provision for (recapture of) credit losses18,200 (2,031)23,302 22,294 61,765 
Charge-offs(14,191)(759)(23,655)(43,764)(82,369)
Recoveries874 1,217 4,175 25,107 31,373 
Balance at end of year$44,041 $7,998 $27,086 $73,485 $152,610 
PCD:
Balance at beginning of year$1,388 $9,359 $14 $71 $10,832 
Provision for (recapture of) credit losses901 (2,389)518 (518)(1,488)
Charge-offs(2,794)(317)(621)(170)(3,902)
Recoveries1,618 698 96 642 3,054 
Balance at end of year$1,113 $7,351 $7 $25 $8,496 
Total allowance for credit losses at end of year$45,154 $15,349 $27,093 $73,510 $161,106 
Year Ended December 31, 2022
CommercialMortgageConsumer
Auto
Total
(In thousands)
Non-PCD:
Balance at beginning of year$32,262 $15,299 $19,141 $65,363 $132,065 
Provision for (recapture of) credit losses19,076 (8,758)16,084 16,016 42,418 
Charge-offs(13,380)(284)(15,198)(32,662)(61,524)
Recoveries1,200 3,314 3,237 21,131 28,882 
Balance at end of year$39,158 $9,571 $23,264 $69,848 $141,841 
PCD:
Balance at beginning of year$4,508 $19,018 $34 $312 $23,872 
(Recapture of) provision for credit losses(6,855)(10,629)62 (588)(18,010)
Charge-offs(69)(1,695)(176)(310)(2,250)
Recoveries3,804 2,665 94 657 7,220 
Balance at end of year$1,388 $9,359 $14 $71 $10,832 
Total allowance for credit losses at end of year$40,546 $18,930 $23,278 $69,919 $152,673 
v3.25.0.1
FORECLOSED REAL ESTATE (Tables)
 12 Months Ended
Dec. 31, 2024
Other Real Estate [Abstract]  
Schedule of Foreclosed Real Estate Rollforward
The following table presents the activity related to foreclosed real estate for 2024, 2023 and 2022:
Year Ended December 31,
202420232022
(In thousands)
Balance at beginning of year$10,780 $11,214 $15,039 
Additions3,497 10,216 7,872 
Sales(11,894)(13,880)(16,855)
Decline in value(720)(1,152)(1,256)
Other adjustments2,339 4,383 6,414 
Balance at end of year$4,002 $10,780 $11,214 
v3.25.0.1
PREMISES AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Premises and equipment at December 31, 2024 and 2023 are stated at cost less accumulated depreciation and amortization as follows:
Useful Life
(Years)		December 31,
20242023
(In thousands)
Land—$4,031 $4,031 
Buildings and improvements
20 — 40
77,267 76,542 
Leasehold improvements
1 — 10
23,176 19,145 
Furniture and fixtures
3 — 10
23,591 21,377 
Information technology and other
3 — 7
69,787 58,898 
197,852 179,993 
Less: accumulated depreciation and amortization(93,340)(75,891)
$104,512 $104,102 
v3.25.0.1
SERVICING ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Transfers and Servicing [Abstract]  
Schedule of Changes in Serving Rights at Fair Value
The following table presents the changes in servicing rights measured using the fair value method for 2024, 2023 and 2022:
Year Ended December 31,
202420232022
(In thousands)
Fair value at beginning of year$49,520 $50,921 $48,973 
Acquired servicing rights21,427 — — 
Servicing from mortgage securitization or asset transfers1,737 2,560 3,998 
Changes due to payments on loans(3,979)(4,163)(5,312)
Changes in fair value due to changes in valuation model inputs or assumptions1,730 202 3,262 
Fair value at end of year$70,435 $49,520 $50,921 
Schedule of Key Economic Assumptions
The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value as of December 31, 2024, 2023 and 2022:
Year Ended December 31,
202420232022
Constant prepayment rate
1.09% - 15.28%
1.35% - 17.34%
3.43% - 21.20%
Discount rate
10.00% - 15.50%
10.00% - 15.50%
10.00% - 15.50%
Schedule of Sensitivity of Current Fair Value of Servicing Assets
The sensitivity of the current fair value of servicing assets to immediate 10 percent and 20 percent adverse changes in the above key assumptions were as follows:
December 31,
20242023
(In thousands)
Mortgage-related servicing asset
Carrying value of mortgage servicing asset$70,435 49,520 
Weighted average life (in years)7.97.3
Constant prepayment rate
Decrease in fair value due to 10% adverse change$(1,276)$(928)
Decrease in fair value due to 20% adverse change$(2,505)$(1,821)
Discount rate
Decrease in fair value due to 10% adverse change$(3,103)$(1,999)
Decrease in fair value due to 20% adverse change$(5,966)$(3,856)
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Goodwill by reportable business segment is included in the table below. Refer to Note 28 – Business Segments for additional information on OFG’s reportable business segments.
BankingWealth ManagementTreasuryTotal
(In thousands)
December 31, 2024$84,063 $178 $— $84,241 
December 31, 2023$84,063 $178 $— $84,241 
December 31, 2022$84,063 $178 $— $84,241 
Schedule of Core Deposit, Customer Relationship and Other Intangibles The following table reflects the components of other intangible assets subject to amortization at December 31, 2024 and 2023:
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Value
(In thousands)
December 31, 2024
Core deposit intangibles$41,507 $30,187 $11,320 
Customer relationship intangibles12,693 9,231 3,462 
Total other intangible assets$54,200 $39,418 $14,782 
December 31, 2023
Core deposit intangibles$41,507 $25,659 $15,848 
Customer relationship intangibles12,693 7,847 4,846 
Total other intangible assets$54,200 $33,506 $20,694 
Schedule of Estimated Amortization of Other Intangible Assets
The following table presents the estimated amortization of other intangible assets for each of the following periods.
Year Ending December 31,(In thousands)
20254,928 
20263,942 
20272,956 
20281,971 
2029985 
v3.25.0.1
ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Accrued Interest Receivable and Other Assets [Abstract]  
Schedule of Accrued Interest Receivable
Accrued interest receivable at December 31, 2024 and 2023 consists of the following:
December 31,
20242023
(In thousands)
Loans$60,864 $63,526 
Investments10,803 7,874 
$71,667 $71,400 
Schedule of Other Assets
Other assets at December 31, 2024 and 2023 consist of the following:
December 31,
20242023
(In thousands)
Prepaid expenses$72,093 $63,040 
Other repossessed assets6,595 4,032 
Accounts receivable and other assets70,191 47,859 
$148,879 $114,931 
v3.25.0.1
DEPOSITS AND RELATED INTEREST (Tables)
 12 Months Ended
Dec. 31, 2024
Deposits and Related Interest [Abstract]  
Schedule of Deposits by Component
Total deposits, including related accrued interest payable, as of December 31, 2024 and 2023 consist of the following:
December 31,
20242023
(In thousands)
Non-interest-bearing demand deposits$2,493,860 $2,537,431 
Interest-bearing savings and demand deposits5,198,462 5,601,099 
Retail certificates of deposit1,170,560 1,083,316 
Institutional certificates of deposit585,829 378,143 
Total core deposits9,448,711 9,599,989 
Brokered deposits156,075 162,180 
Total deposits$9,604,786 $9,762,169 
Schedule of Interest Expense
Interest expense for 2024, 2023 and 2022 was as follows:
Year Ended December 31,
202420232022
(In thousands)
Demand and savings deposits$101,733 $48,722 $24,261 
Certificates of deposit48,547 27,243 7,978 
$150,280 $75,965 $32,239 
Schedule of Time Deposit Maturities
Excluding accrued interest of approximately $3.1 million and $3.0 million, the scheduled maturities of certificates of deposit at December 31, 2024 and 2023 are as follows:
December 31, 2024
Period-end amount
Uninsured amount
(In thousands)
Within one year:
Three months or less$645,919 $336,912 
Over 3 months through 6 months293,693 99,596 
Over 6 months through 1 year492,799 201,877 
1,432,411 638,385 
Over 1 through 2 years340,176 95,690 
Over 2 through 3 years63,044 9,017 
Over 3 through 4 years39,462 4,176 
Over 4 through 5 years33,549 4,084 
Over 5 years722 115 
$1,909,364 $751,467 
December 31, 2023
Period-end amount
Uninsured amount
(In thousands)
Within one year:
Three months or less$457,533 $115,392 
Over 3 months through 6 months195,902 61,245 
Over 6 months through 1 year329,758 113,524 
983,193 290,161 
Over 1 through 2 years467,348 201,478 
Over 2 through 3 years94,450 13,971 
Over 3 through 4 years29,514 1,379 
Over 4 through 5 years45,575 4,665 
Over 5 years608 — 
$1,620,688 $511,654 
v3.25.0.1
BORROWINGS AND RELATED INTEREST (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Federal Home Loan Bank Advances
The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $952 thousand and $768 thousand at December 31, 2024 and 2023, respectively:
December 31,
20242023
(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.56%
$270,000 $— 
Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 3.79% (December 31, 2023 - 4.52%)
55,000 200,000 
$325,000 $200,000 
Advances from FHLB mature as follows:
December 31,
20242023
(In thousands)
Over 90 days to one year$270,000 $— 
Over one to three years55,000 200,000 
$325,000 $200,000 
Schedule of Repurchase Agreements
The following table shows OFG’s repurchase agreements, excluding accrued interest in the amount of $222 thousand at December 31, 2024:
December 31,
2024
(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.63%
$75,000 
Repurchase agreements’ maturities were as follows:
December 31,
2024
(In thousands)
Under 90 days$75,000 
Repurchase agreements referred to above with maturity dates up to the date of this report were renewed as short-term repurchase agreements.
The following securities were sold under agreements to repurchase:
December 31, 2024
Underlying SecuritiesAmortized Cost of Underlying SecuritiesBalance of BorrowingApproximate Fair Value of Underlying SecuritiesWeighted Average Interest Rate of Security
(In thousands)
FNMA and FHLMC Certificates$81,409 $75,000 $80,968 5.25 %
There were no repurchase agreements at December 31, 2023.
v3.25.0.1
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Offsetting [Abstract]  
Summary of Offsetting Liabilities
The following table presents the potential effect of rights of set-off associated with OFG’s recognized financial assets and liabilities at December 31, 2024:
December 31, 2024
Gross Amounts Not Offset in the Statement of
 Financial Condition
Gross Amount
of Recognized
Liabilities		Gross Amounts
Offset in the
Statement of
Financial
Condition		Net Amount of
Liabilities
Presented
in Statement
of Financial
Condition
Financial
Instruments		Cash
Collateral
Provided		Net
Amount
(In thousands)
Securities sold under agreements to repurchase75,000 — 75,000 80,968 — (5,968)
v3.25.0.1
RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Activity for Related Party Transactions The activity and balance of these loans for 2024, 2023, and 2022 was as follows:
Year Ended December 31,
202420232022
(In thousands)
Balance at the beginning of year$27,483 $32,792 $25,915 
New loans and disbursements1 507 9,706 
Repayments(507)(5,816)(2,829)
Credits of persons no longer considered related parties(26,639)— — 
Balance at the end of year$338 $27,483 $32,792 
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of income tax expense for 2024, 2023, and 2022 were as follows:
Year Ended December 31,
202420232022
(In thousands)
Current income tax expense
$34,017 $16,027 $16,740 
Deferred income tax expense21,561 67,349 61,126 
Total income tax expense$55,578 $83,376 $77,866 
Schedule of Effective Income Tax Rate Reconciliation
OFG’s income tax expense differs from amounts computed by applying the applicable statutory rate to income before income taxes as follows:
Year Ended December 31,
202420232022
AmountRateAmountRateAmountRate
(Dollars in thousands)
Income tax expense at statutory rates$95,156 37.50 %$99,468 37.50 %$91,539 37.50 %
Tax of exempt income, net(14,485)(5.71)%(12,201)(4.60)%(11,523)(4.72)%
Disallowed expense and net operating loss carryover
234 0.09 %(350)(0.13)%(267)(0.11)%
Change in valuation allowance(2,168)(0.85)%(1,554)(0.59)%(502)(0.21)%
Unrecognized tax benefits, net69 0.03 %69 0.03 %69 0.03 %
Capital gain (loss) at preferential rate5 — %472 0.18 %(787)(0.32)%
Tax rate difference (ordinary vs capital)23 0.01 %(817)(0.31)%(247)(0.10)%
Preferential tax treatment on qualified investment activities
(16,021)(6.31)%— — %— — %
Return to provision adjustments(2,083)(0.82)%(721)(0.27)%(407)(0.17)%
Stock-based compensation windfall
(1,232)(0.49)%— — %— — %
Difference in tax rates due to multiple jurisdictions(1,929)(0.76)%(963)(0.36)%— — %
Tax credits(1,667)(0.66)%— — %— — %
Other items, net(324)(0.13)%(27)(0.02)%(9)— %
Income tax expense$55,578 21.90 %$83,376 31.43 %$77,866 31.90 %
Schedule of Unrecognized Tax Benefits Roll Forward
The following table presents a reconciliation of unrecognized tax benefits:
Year Ended December 31,
202420232022
(In thousands)
Balance at beginning of year$936 $867 $798 
Additions for tax positions of prior years69 69 69 
Balance at end of year$1,005 $936 $867 
Schedule of Deferred Tax Assets and Liabilities Significant components of OFG’s deferred tax assets and liabilities as of December 31, 2024, and 2023 were as follows:
December 31,
20242023
(In thousands)
Deferred tax assets:
Allowance for credit losses and other reserves$62,913 $58,612 
Scotiabank PR discount— 463 
Loans and other real estate valuation adjustment1,211 1,905 
Deferred loan charge-offs4,523 16,147 
Net operating loss carry forwards4,878 6,548 
Alternative minimum tax13,822 13,553 
Unrealized net loss on available-for-sale securities16,125 11,525 
Goodwill— 3,542 
Acquired portfolio29,620 37,374 
Other assets allowances2,022 1,692 
Other deferred tax assets21,470 16,344 
Total gross deferred tax asset156,584 167,705 
Less: valuation allowance(5,421)(7,589)
Net gross deferred tax assets151,163 160,116 
Deferred tax liabilities:
Acquired loans tax basis(137,022)(137,143)
Servicing asset(23,359)(15,516)
Building valuation adjustment(5,668)(6,104)
FDIC-assisted Eurobank acquisition, net(5,062)(5,481)
Customer deposit and customer relationship intangibles(2,981)(4,943)
Goodwill(3,167)— 
Scotiabank PR discount(980)— 
Other deferred tax liabilities(7,394)(8,450)
Total gross deferred tax liabilities(185,633)(177,637)
Net deferred tax liability$(34,470)$(17,521)
v3.25.0.1
REGULATORY CAPITAL REQUIREMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Capital Disclosure [Abstract]  
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations
OFG’s and the Bank’s actual capital amounts and ratios as of December 31, 2024 and 2023 were as follows:
ActualMinimum Capital
Requirement (including
capital conservation buffer)		Minimum to be Well
Capitalized
AmountRatioAmountRatioAmountRatio
(Dollars in thousands)
OFG Bancorp Ratios
As of December 31, 2024
Total capital to risk-weighted assets$1,367,692 15.52 %$925,305 10.50 %$881,242 10.00 %
Tier 1 capital to risk-weighted assets$1,256,906 14.26 %$749,056 8.50 %$704,994 8.00 %
Common equity tier 1 capital to risk-weighted assets$1,256,906 14.26 %$616,870 7.00 %$572,807 6.50 %
Tier 1 capital to average total assets$1,256,906 10.93 %$460,138 4.00 %$575,172 5.00 %
As of December 31, 2023
Total capital to risk-weighted assets$1,278,537 15.37 %$873,369 10.50 %$831,780 10.00 %
Tier 1 capital to risk-weighted assets$1,174,205 14.12 %$707,013 8.50 %$665,424 8.00 %
Common equity tier 1 capital to risk-weighted assets$1,174,205 14.12 %$582,246 7.00 %$540,657 6.50 %
Tier 1 capital to average total assets$1,174,205 11.03 %$425,911 4.00 %$532,389 5.00 %
ActualMinimum Capital
Requirement (including
capital conservation buffer)		Minimum to be Well
Capitalized
AmountRatioAmountRatioAmountRatio
(Dollars in thousands)
Bank Ratios
As of December 31, 2024
Total capital to risk-weighted assets$1,301,684 14.86 %$919,781 10.50 %$875,982 10.00 %
Tier 1 capital to risk-weighted assets$1,191,547 13.60 %$744,585 8.50 %$700,786 8.00 %
Common equity tier 1 capital to risk-weighted assets$1,191,547 13.60 %$613,187 7.00 %$569,388 6.50 %
Tier 1 capital to average total assets$1,191,547 10.45 %$456,144 4.00 %$570,179 5.00 %
As of December 31, 2023
Total capital to risk-weighted assets$1,179,164 14.27 %$867,797 10.50 %$826,474 10.00 %
Tier 1 capital to risk-weighted assets$1,075,487 13.01 %$702,503 8.50 %$661,179 8.00 %
Common equity tier 1 capital to risk-weighted assets$1,075,487 13.01 %$578,532 7.00 %$537,208 6.50 %
Tier 1 capital to average total assets$1,075,487 10.20 %$421,660 4.00 %$527,075 5.00 %
v3.25.0.1
STOCK-BASED COMPENSATION PLAN (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Range of Exercise Prices and Weighted Average Remaining Contractual Life
The activity in outstanding options for 2024, 2023, and 2022 is set forth below:
Year Ended December 31,
202420232022
Number
Of
Options		Weighted
Average
Exercise
Price		Number
Of
Options		Weighted
Average
Exercise
Price		Number
Of
Options		Weighted
Average
Exercise
Price
Beginning of year16,600 $16.92 234,950 $16.38 338,494 $15.76 
Options exercised(15,200)16.88 (218,350)16.34 (103,544)14.34 
End of year1,400 $17.44 16,600 $16.92 234,950 $16.38 
The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2024:
OutstandingExercisable
Range of Exercise PricesNumber of
Options		Weighted
Average
Exercise Price		Weighted
Average
Contract Life
Remaining
(Years)		Number of
Options		Weighted
Average
Exercise Price
16.91 to 19.71
1,400 17.44 0.21,400 17.44 
Aggregate Intrinsic Value$34,832 $34,832 
Schedule of Restricted Stock Unit Activity under the Omnibus Plan
The following table summarizes the activity in restricted units under the Omnibus Plan for 2024, 2023 and 2022:
Year Ended December 31,
202420232022
Restricted
Units		Weighted
Average
Grant Date
Fair Value		Restricted
Units		Weighted
Average
Grant Date
Fair Value		Restricted
Units		Weighted
Average
Grant Date
Fair Value
Beginning of year410,997 $25.43 408,832 $22.27 511,740 $19.35 
Restricted units granted290,193 35.57 204,048 27.84 178,281 27.89 
Restricted units lapsed(268,406)25.31 (181,692)20.85 (277,866)17.08 
Restricted units forfeited(54,494)30.17 (20,191)25.18 (3,323)22.89 
End of year378,290 $32.61 410,997 $25.43 408,832 $22.27 
v3.25.0.1
STOCKHOLDERS’ EQUITY (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Activity of Common Shares Held in Treasury
The activity in connection with common shares held in treasury by OFG for 2024, 2023 and 2022 is set forth below:
Year Ended December 31,
202420232022
SharesDollar
Amount		SharesDollar
Amount		SharesDollar
Amount
(In thousands, except shares data)
Beginning of year
12,820,078 $228,350 12,303,859 $211,135 10,248,882 $150,572 
Common shares used upon lapse of restricted stock units and options(166,527)(1,683)(227,480)(1,438)(296,891)(3,547)
Common shares repurchased as part of the stock repurchase programs1,791,414 70,324 743,699 18,653 2,351,868 64,110 
End of year
14,444,965 $296,991 12,820,078 $228,350 12,303,859 $211,135 
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss, net of income taxes, as of December 31, 2024 and 2023 consisted of:
December 31,
20242023
(In thousands)
Unrealized loss on securities available-for-sale$(105,930)$(78,497)
Income tax effect of unrealized loss on securities available-for-sale16,091 11,484 
Net unrealized loss on securities available-for-sale(89,839)(67,013)
Accumulated other comprehensive loss, net of income taxes$(89,839)$(67,013)
The following table presents changes in accumulated other comprehensive loss by component, net of taxes, for 2024, 2023 and 2022:
Year Ended December 31, 2024
Net unrealized loss on securities available-for-sale
(In thousands)
Beginning balance$(67,013)
Other comprehensive loss (22,826)
Ending balance$(89,839)
Year Ended December 31, 2023
Net unrealized
loss on
securities
available-for-sale		Net unrealized
gain on
cash flow
hedges		Accumulated
other
comprehensive
loss
(In thousands)
Beginning balance$(93,663)$254 $(93,409)
Other comprehensive income (loss) before reclassifications27,792 (5,647)22,145 
Amounts reclassified out of accumulated other comprehensive loss(1,142)5,393 4,251 
Other comprehensive income (loss)26,650 (254)26,396 
Ending balance$(67,013)$— $(67,013)
Year Ended December 31, 2022
Net unrealized
loss on
securities
available-for-sale		Net unrealized
gain on
cash flow
hedges		Accumulated
other
comprehensive
loss
(In thousands)
Beginning balance$5,663 $(503)$5,160 
Other comprehensive (loss) income before reclassifications(99,087)24 (99,063)
Amounts reclassified out of accumulated other comprehensive loss(239)733 494 
Other comprehensive (loss) income(99,326)757 (98,569)
Ending balance$(93,663)$254 $(93,409)
Schedule of Reclassifications Out of Other Comprehensive Income
The following table presents reclassifications out of accumulated other comprehensive loss for 2024, 2023 and 2022:
Amount reclassified out of accumulated other comprehensive loss Year Ended December 31,
Affected Line Item in
Consolidated Statement of
Operations
202420232022
(In thousands)
Cash flow hedges:
Interest-rate contracts$— $5,393 $733 Net interest expense
Available-for-sale securities:
Loss on sale of investments(7)(1,149)(247)Net loss on sale of securities
Tax effect from changes in tax rates7 7 8 Income tax expense
$— $4,251 $494 
v3.25.0.1
EARNINGS PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Common Share
The calculation of earnings per common share for 2024, 2023 and 2022 is as follows:
Year Ended December 31,
202420232022
(In thousands, except per share data)
Income available to common shareholders$198,170 $181,872 $166,239 
Average common shares outstanding46,637 47,258 48,033 
Effect of dilutive securities:
Average potential common shares-options265 294 403 
Total weighted average common shares outstanding and equivalents$46,902 $47,552 $48,436 
Earnings per common share - basic$4.25 $3.85 $3.46 
Earnings per common share - diluted$4.23 $3.83 $3.44 
v3.25.0.1
GUARANTEES (Tables)
 12 Months Ended
Dec. 31, 2024
Guarantees [Abstract]  
Schedule of Changes in Liability of Estimated Loss from Credit Recourse Agreement
The following table shows the changes in OFG’s liability for estimated losses from credit recourse agreements, included in the consolidated statements of financial condition during 2024, 2023 and 2022:
Year Ended December 31,
202420232022
(In thousands)
Balance at beginning of year$102 $147 $294 
Net recoveries (charge-offs/terminations)53 (45)(147)
Balance at end of year$155 $102 $147 
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit-Related Financial Instruments
Credit-related financial instruments at December 31, 2024 and 2023 were as follows:
December 31,
20242023
(In thousands)
Commitments to extend credit$1,360,351 $1,255,695 
Commercial letters of credit1,096 119 
The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor’s accounting and disclosure requirements for guarantees, including indirect guarantees of indebtedness of others, at December 31, 2024 and 2023, is as follows:
December 31,
20242023
(In thousands)
Standby letters of credit and financial guarantees$25,321 $23,970 
Loans sold with recourse90,464 98,685 
v3.25.0.1
OPERATING LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Lessee Disclosure [Abstract]  
Schedule of Operating Lease Cost
Year Ended December 31,
202420232022Statement of Operations
Classification
(In thousands)
Lease costs$9,474 $10,414 $10,467 Occupancy and equipment
Variable lease costs1,697 1,452 1,529 Occupancy and equipment
Short-term lease costs384 529 565 Occupancy and equipment
Lease income(77)(123)(226)Occupancy and equipment
Total lease costs$11,478 $12,272 $12,335 
Schedule of Operating Lease Assets and Liabilities
December 31,
20242023Statement of Financial Condition Classification
(In thousands)
Right-of-use assets$19,197 $21,725 Operating lease right-of-use assets
Lease Liabilities$21,388 $24,029 Operating leases liabilities
Schedule of Operating Lease, Other Information
December 31,
20242023
(In thousands)
Weighted-average remaining lease term4.8 years5.1 years
Weighted-average discount rate7.6 %7.0 %
Schedule of Future Minimum Payments for Operating Leases and Present Value
Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2024 were as follows:
Minimum Rent
As of December 31, 2024(In thousands)
2025$7,434 
20265,265 
20274,331 
20283,239 
20291,848 
Thereafter3,535 
Total lease payments$25,652 
Less imputed interest4,264 
Present value of lease liabilities$21,388 
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities on Recurring and Non-Recurring Basis
Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below:
December 31, 2024
Fair Value Measurements
Level 1Level 2Level 3Total
(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale$1,150 $2,337,055 $— $2,338,205 
Trading securities— 18 — 18 
Money market investments6,670 — — 6,670 
Servicing assets— — 70,435 70,435 
$7,820 $2,337,073 $70,435 $2,415,328 
Non-recurring fair value measurements:
Collateral dependent loans$— $— $6,877 $6,877 
Foreclosed real estate— — 4,002 4,002 
Other repossessed assets— — 6,595 6,595 
Mortgage loans held for sale— — 13,286 13,286 
Other loans held for sale— — 4,446 4,446 
$— $— $35,206 $35,206 
December 31, 2023
Fair Value Measurements
Level 1Level 2Level 3Total
(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale$296,799 $1,802,465 $— $2,099,264 
Trading securities— 13 — 13 
Money market investments4,623 — — 4,623 
Servicing assets— — 49,520 49,520 
$301,422 $1,802,478 $49,520 $2,153,420 
Non-recurring fair value measurements:
Collateral dependent loans$— $— $8,027 $8,027 
Foreclosed real estate— — 10,780 10,780 
Other repossessed assets— — 4,032 4,032 
Other loans held for sale$— $— $28,345 28,345 
$— $— $51,184 $51,184 
Schedule of Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)
The tables below present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for 2024, 2023 and 2022:
Level 3 Instruments Only
Year Ended December 31,
202420232022
Servicing AssetsOther debt securities available for saleServicing AssetsTotalOther debt securities available for saleServicing AssetsTotal
(In thousands)
Balance at beginning of year$49,520 $406 $50,921 $51,327 1,530 $48,973 $50,503 
New instruments acquired23,164 — 2,560 2,560 376 3,998 4,374 
Principal repayments and amortization(3,979)— (4,163)(4,163)— (5,312)(5,312)
Instrument converted to equity security— (406)— (406)(1,581)— (1,581)
Gains included in earnings1,730 — 202 202 — 3,262 3,262 
Gains included in other comprehensive income— — — — 81 — 81 
Balance at end of year$70,435 $— $49,520 $49,520 $406 $50,921 $51,327 
Schedule of Qualitative Information for Assets and Liabilities The table below presents quantitative information for all assets measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at December 31, 2024 and 2023:
December 31, 2024
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(In thousands)
Servicing assets$70,435 Cash flow valuationConstant prepayment rate
1.09% - 15.28%
5.83 %
Discount rate
10.00% - 15.50%
11.61 %
Collateral dependent loans$6,877 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
18.14 %
Foreclosed real estate$4,002 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
13.16 %
Other repossessed assets$6,595 Fair value of property
or collateral		Estimated net realizable value less disposition costs
37.00% - 69.00%
54.73 %
Mortgage loans held for sale$13,286 Market pricesPricing and execution whole loan
89.38% - 101.38%
95.01 %
Other loans held for sale$4,446 Bids or sales contract pricesEstimated market value
101.21% - 101.21%
101.21 %
December 31, 2023
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(In thousands)
Servicing assets$49,520 Cash flow valuationConstant prepayment rate
1.35% - 17.34%
6.12 %
Discount rate
10.00% - 15.50%
11.45 %
Collateral dependent loans$8,027 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
17.00 %
Foreclosed real estate$10,780 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
12.67 %
Other repossessed assets$4,032 Fair value of property
or collateral		Estimated net realizable value less disposition costs
31.00% - 77.00%
57.72 %
Other loans held for sale$28,345 Bids or sales contract pricesEstimated market value
52.00% - 103.20%
84.80%
Schedule of Estimated Fair Value and Carrying Value
The estimated fair value and carrying value of OFG’s financial instruments at December 31, 2024 and 2023 was as follows:
December 31, 2024December 31, 2023
Fair
Value		Carrying
Value		Fair
Value		Carrying
Value
(In thousands)
Financial Assets:
Level 1
Cash and cash equivalents$591,137 $591,137 $748,173 $748,173 
Investment securities available-for-sale$1,150 $1,150 $296,799 $296,799 
Level 2
Financial Assets:
Trading securities$18 $18 $13 $13 
Investment securities available-for-sale$2,337,055 $2,337,055 $1,802,465 $1,802,465 
Investment securities held-to-maturity$232,152 $292,158 $455,709 $514,024 
Federal Home Loan Bank (FHLB) stock$24,280 $24,280 $14,488 $14,488 
Equity securities$30,616 $30,616 $23,981 $23,981 
Level 3
Financial Assets:
Investment securities held-to-maturity$35,022 $35,000 $35,055 $35,000 
Total loans, net (including loans held-for-sale)
$7,567,075 $7,633,831 $7,282,214 $7,401,618 
Accrued interest receivable$71,667 $71,667 $71,400 $71,400 
Servicing assets$70,435 $70,435 $49,520 $49,520 
Accounts receivable and other assets$70,191 $70,191 $47,859 $47,589 
Financial Liabilities:
Deposits$9,625,803 $9,604,786 $9,767,068 $9,762,169 
Securities sold under agreements to repurchase$75,226 $75,222 $— $— 
Advances from FHLB$324,510 $325,952 $199,184 $200,768 
Other borrowings$— $— $2 $2 
Accrued expenses and other liabilities$146,771 $146,771 $115,985 $115,985 
v3.25.0.1
BANKING AND FINANCIAL SERVICE REVENUES (Tables)
 12 Months Ended
Dec. 31, 2024
Banking and Thrift, Interest [Abstract]  
Schedule of Commissions and Fees Revenues
The following table presents the major categories of banking and financial service revenues for 2024, 2023 and 2022:
Year Ended December 31,
202420232022
(In thousands)
Banking service revenues:
Electronic banking fees$52,275 $54,109 $54,639 
Checking accounts fees8,102 8,924 8,933 
Savings accounts fees1,233 1,334 1,265 
Credit life commissions134 318 724 
Branch service commissions1,323 1,538 1,456 
Servicing and other loan fees3,090 3,120 3,222 
International fees748 720 902 
Miscellaneous income18 15 20 
Total banking service revenues$66,923 $70,078 71,161 
Wealth management revenue:
Insurance income$17,991 $17,178 15,084 
Broker fees8,781 7,375 6,793 
Trust fees8,850 8,402 10,013 
Other fees— 35 745 
Total wealth management revenue$35,622 $32,990 32,635 
Mortgage banking activities:
Net servicing fees$17,291 $15,077 18,258 
Net gains on sale of mortgage loans and valuation2,026 2,993 3,786 
Net (loss) gain on repurchased loans and other(681)717 (115)
Total mortgage banking activities$18,636 $18,787 21,929 
Total banking and financial service revenues$121,181 $121,855 $125,725 
v3.25.0.1
BUSINESS SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Following are the results of operations and the selected financial information by operating segment for 2024, 2023 and 2022:

Year Ended December 31, 2024
BankingWealth
Management		TreasuryTotalEliminationsConsolidated
Total
(In thousands)
Interest income$619,328 $26 $134,970 $754,324 $(4,047)$750,277 
Interest expense(147,661)— (18,223)(165,884)4,047 (161,837)
Net interest income471,667 26 116,747 588,440 — 588,440 
(Provision for) recapture of credit losses(82,436)— 185 (82,251)— (82,251)
Non-interest income, net
86,720 36,522 7 123,249 — 123,249 
Non-interest expenses [1]
Compensation and employee benefits(149,194)(9,527)(989)(159,710)— (159,710)
Occupancy, equipment and infrastructure costs(37,407)(721)(121)(38,249)— (38,249)
Depreciation and amortization of premises and equipment(20,807)(48)(19)(20,874)— (20,874)
Electronic banking charges(42,816)— — (42,816)— (42,816)
Information technology expenses(27,394)(187)(1)(27,582)— (27,582)
Professional and service fees(15,804)(2,875)(197)(18,876)— (18,876)
Loan servicing and clearing expenses(5,937)(1,455)(543)(7,935)— (7,935)
Amortization of other intangible assets(1,385)— — (1,385)— (1,385)
Intersegment expenses3,518 (2,121)(1,397)— — — 
Other [2]
(56,173)(1,720)(370)(58,263)— (58,263)
Total non-interest expense(353,399)(18,654)(3,637)(375,690)— (375,690)
Income before income taxes$122,552 $17,894 $113,302 $253,748 $— $253,748 
Income tax expense(55,402)(10)(166)(55,578)— (55,578)
Net income$67,150 $17,884 $113,136 $198,170 $— $198,170 
Total assets$9,513,074 $34,219 $3,192,845 $12,740,138 $(1,239,404)$11,500,734 
Expenditures for long-lived assets$21,336 — $— $— $21,336 $— $21,336 
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[2] Other non-interest expenses include:
Banking: Taxes, other than payroll and income taxes; insurance; advertising; communication; printing, postage, stationary and supplies; travels, meals and training; credit related expenses; director and investor relations; loss on sale of foreclosed real estate and other repossessed properties; losses and operational errors, among other business expenses.
Wealth Management: Reinsurance incurred net losses; taxes, other than payroll and income taxes; advertising; insurance; data communication and systems, among other business expenses.
Treasury: Data communication and systems; taxes, other than payroll and income taxes; insurance, among other business expenses.
Eliminations include interest income and expense for a time deposit opened by the Bank in Oriental Overseas, the IBE unit, which operates within the Bank. The time deposit with a balance of $278.4 million and $300.3 million at December 31, 2024 and 2023, respectively, to fund Oriental Overseas operations is included in the Treasury Segment with its corresponding interest expense, and the related interest income is included in the Banking Segment, and are eliminated in the consolidation. Interest income is accrued on the unpaid principal balance. The decrease in interest income and interest expense from the prior year period was mainly as a result of lower interest rate and average balance.
Year Ended December 31, 2023
BankingWealth
Management		TreasuryTotalEliminationsConsolidated
Total
(In thousands)
Interest income$567,809 $28 $95,477 $663,314 $(14,434)$648,880 
Interest expense(73,480)— (28,964)(102,444)14,434 (88,010)
Net interest income494,329 28 66,513 560,870 — 560,870 
Provision for credit losses(60,255)— (383)(60,638)— (60,638)
Non-interest income, net
97,099 32,433 (1,151)128,381 — 128,381 
Non-interest expenses [1]
Compensation and employee benefits(147,241)(7,627)(959)(155,827)— (155,827)
Occupancy, equipment and infrastructure costs(38,251)(484)(112)(38,847)— (38,847)
Depreciation and amortization of premises and equipment(20,315)(50)(23)(20,388)— (20,388)
Electronic banking charges(41,336)— — (41,336)— (41,336)
Information technology expenses(26,946)(204)(12)(27,162)— (27,162)
Professional and service fees(15,878)(2,646)(240)(18,764)— (18,764)
Loan servicing and clearing expenses(5,806)(1,417)(551)(7,774)— (7,774)
Amortization of other intangible assets(1,615)— — (1,615)— (1,615)
Intersegment expenses
1,641 (1,011)(630)— — — 
Other [2]
(47,100)(2,999)(1,553)(51,652)— (51,652)
Total non-interest expense(342,847)(16,438)(4,080)(363,365)— (363,365)
Income before income taxes$188,326 $16,023 $60,899 $265,248 $— $265,248 
Income tax expense(83,242)(34)(100)(83,376)— (83,376)
Net income$105,084 $15,989 $60,799 $181,872 $— $181,872 
Total assets$9,154,201 $38,261 $3,304,204 $12,496,666 $(1,152,213)$11,344,453 
Expenditures for long-lived assets$17,853 $2 $2 $17,857 $— $17,857 
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[2] Other non-interest expenses include:
Banking: Taxes, other than payroll and income taxes; insurance; advertising; communication; printing, postage, stationary and supplies; travels, meals and training; credit related expenses; director and investor relations; loss on sale of foreclosed real estate and other repossessed properties; losses and operational errors, among other business expenses.
Wealth Management: Reinsurance incurred net losses; taxes, other than payroll and income taxes; advertising; insurance; data communication and systems, among other business expenses.
Treasury: Data communication and systems; taxes, other than payroll and income taxes; insurance, among other business expenses.
Year Ended December 31, 2022
BankingWealth
Management		TreasuryTotalEliminationsConsolidated
Total
(In thousands)
Interest income$465,177 $21 $56,955 $522,153 $(6,850)$515,573 
Interest expense(31,926)— (8,147)(40,073)6,850 (33,493)
Net interest income433,251 21 48,808 482,080 — 482,080 
Provision for credit losses
(24,111)— (8)(24,119)— (24,119)
Non-interest income, net
98,407 33,481 (198)131,690 — 131,690 
Non-interest expenses [1]
Compensation and employee benefits(132,840)(9,174)(916)(142,930)— (142,930)
Occupancy, equipment and infrastructure costs(34,369)(1,033)(95)(35,497)— (35,497)
Depreciation and amortization of premises and equipment(15,724)(58)(29)(15,811)— (15,811)
Electronic banking charges(39,554)— — (39,554)— (39,554)
Information technology expenses(21,669)(222)— (21,891)— (21,891)
Professional and service fees(21,818)(2,774)(250)(24,842)— (24,842)
Loan servicing and clearing expenses(7,203)(1,396)(562)(9,161)— (9,161)
Amortization of other intangible assets(2,001)— — (2,001)— (2,001)
Intersegment expenses
2,187 (1,497)(690)— — — 
Other [2]
(47,947)(4,549)(1,363)(53,859)— (53,859)
Total non-interest expense(320,938)(20,703)(3,905)(345,546)— (345,546)
Income before income taxes$186,609 $12,799 $44,697 $244,105 $— $244,105 
Income tax expense(77,731)(97)(38)(77,866)— (77,866)
Net income$108,878 $12,702 $44,659 $166,239 $— $166,239 
Total assets$8,347,767 $23,085 $2,432,549 $10,803,401 $(984,621)$9,818,780 
Expenditures for long-lived assets$30,982 $17 $— $30,999 $— $30,999 
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[2] Other non-interest expenses include:
Banking: Taxes, other than payroll and income taxes; insurance; advertising; communication; printing, postage, stationary and supplies; travels, meals and training; credit related expenses; director and investor relations; loss on sale of foreclosed real estate and other repossessed properties; losses and operational errors, among other business expenses.
Wealth Management: Reinsurance incurred net losses; taxes, other than payroll and income taxes; advertising; insurance; data communication and systems, among other business expenses.
Treasury: Data communication and systems; taxes, other than payroll and income taxes; insurance, among other business expenses.
v3.25.0.1
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Condensed Statements Of Financial Position Information
The following condensed financial information presents the financial position of the holding company only as of December 31, 2024 and 2023, and the results of its operations and its cash flows for 2024, 2023 and 2022:
December 31,
20242023
(In thousands)
ASSETS
Cash and cash equivalents$40,570 $73,121 
Investment in bank subsidiary, equity method1,188,830 1,094,581 
Investment in nonbank subsidiaries, equity method38,879 40,145 
Deferred tax asset, net231 293 
Due from bank subsidiary, net57 56 
Other assets504 371 
Total assets$1,269,071 $1,208,567 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Dividends payable11,640 10,355 
Accrued expenses and other liabilities3,051 4,729 
Due to non-bank subsidiary, net9 3 
Total liabilities14,700 15,087 
Stockholders’ equity1,254,371 1,193,480 
Total liabilities and stockholders’ equity$1,269,071 $1,208,567 
Condensed Statement Of Operations Information
Year Ended December 31,
202420232022
(In thousands)
Income:
Interest income$3,667 $3,712 $977 
Investment trading activities, net and other9,586 7,040 6,022 
Total income13,253 10,752 6,999 
Expenses:
Interest expense— — 521 
Operating expenses9,562 8,230 7,992 
Total expenses9,562 8,230 8,513 
Income (loss) before income taxes3,691 2,522 (1,514)
Income tax expense3,881 3,846 2,782 
Loss before earnings of subsidiaries(190)(1,324)(4,296)
Equity in earnings from:
Bank subsidiary185,699 170,658 162,236 
Nonbank subsidiaries12,661 12,538 8,299 
Net income$198,170 $181,872 $166,239 
Condensed Statement Of Comprehensive Income Information
Year Ended December 31,
202420232022
(In thousands)
Net income$198,170 $181,872 $166,239 
Other comprehensive (loss) income before tax:
Other comprehensive (loss) income from bank subsidiary(22,826)26,396 (98,569)
Other comprehensive (loss) income before taxes(22,826)26,396 (98,569)
Income tax effect— — — 
Other comprehensive (loss) income after taxes(22,826)26,396 (98,569)
Comprehensive income$175,344 $208,268 $67,670 
Condensed Statement Of Cash Flows Information
Year Ended December 31,
202420232022
(In thousands)
Cash flows from operating activities:
Net income$198,170 $181,872 $166,239 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings from banking subsidiary(185,699)(170,658)(162,236)
Equity in earnings from nonbanking subsidiaries(12,661)(12,538)(8,299)
Net decrease in due to non-bank subsidiary, net5 3 — 
Gain on early extinguishment of debt— — (42)
Stock-based compensation642 731 652 
Deferred income tax, net62 630 1,703 
Net decrease in other assets5,413 1,270 18,829 
Net (decrease) increase in accrued expenses and other liabilities(1,836)2,149 (488)
Dividends from banking subsidiary75,000 45,000 140,000 
Dividends and earnings and profits from non-banking subsidiaries
12,700 4,000 9,500 
Net cash provided by operating activities91,796 52,459 165,858 
Cash flows from investing activities:
Capital contribution to non-banking subsidiary(4,000)— — 
Additions to premises and equipment(9)(30)(233)
Net cash used in investing activities(4,009)(30)(233)
Cash flows from financing activities:
Subordinated capital notes— — (34,958)
Exercise of stock options and restricted units lapsed, net(4,368)(1,689)(906)
Purchase of treasury stock(70,324)(18,653)(64,110)
Dividends paid(45,646)(41,011)(30,090)
Net cash used in financing activities(120,338)(61,353)(130,064)
Net change in cash and cash equivalents(32,551)(8,924)35,561 
Cash and cash equivalents at beginning of year73,121 82,045 46,484 
Cash and cash equivalents at end of year$40,570 $73,121 $82,045 
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
branch
subsidiarie
Dec. 31, 2023
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Remaining principal balance (as a percent) 100.00%  
Accrued interest receivable $ 71,667 $ 71,400
Minimum | Other intangibles    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Finite lived intangible asset, useful life (in years) 3 years  
Maximum | Other intangibles    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Finite lived intangible asset, useful life (in years) 10 years  
COVID-19 and Hurricane Fiona Deferral Program Loans    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Accrued interest receivable $ 18,100 20,200
COVID-19 and Hurricane Fiona Deferral Program Loans | Current    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Accrued interest receivable 16,300 18,200
Loans    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Accrued interest receivable 60,864 63,526
Accrued Income Receivable | COVID-19 and Hurricane Fiona Deferral Program Loans    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Allowance for credit losses $ 68 $ 85
Commercial loans    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Accrued interest writeoff period 90 days  
Past due write-off 90 days  
Nonaccrual status 90 days  
Mortgage loans    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Accrued interest writeoff period 90 days  
Past due write-off 90 days  
Nonaccrual status 90 days  
Mortgage loans | Government Guaranteed Loan    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Accrued interest writeoff period 12 months  
Nonaccrual status 12 months  
Consumer    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Accrued interest writeoff period 90 days  
Nonaccrual status 90 days  
Consumer | Personal loans    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Past due write-off 120 days  
Consumer | Credit cards    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Past due write-off 180 days  
Consumer | Credit lines    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Past due write-off 180 days  
Auto    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Accrued interest writeoff period 90 days  
Past due write-off 180 days  
Nonaccrual status 90 days  
Partially written-off 120 days  
Puerto Rico    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Number of branches | branch 42  
Number of subsidiaries | subsidiarie 3  
VIRGIN ISLANDS, US    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Number of branches | branch 2  
UNITED STATES    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Number of subsidiaries | subsidiarie 1  
v3.25.0.1
CASH RESTRICTIONS (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Restricted Cash and Investments [Abstract]    
Reserve required by local government $ 472.0 $ 464.5
v3.25.0.1
INVESTMENT SECURITIES (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]      
Money market investments $ 6,670 $ 4,623 $ 4,161
Intersegment revenue 0 35,000 196,742
Restricted cash 0 0 157
Securitized GNMA pools retained, amortized cost $ 74,700 $ 76,400 $ 112,400
Securitized GNMA pool retained, yield 4.87% 5.33% 3.90%
Retained FNMA pools $ 0 $ 17,200 $ 13,700
FNMA pools retained, yield   5.37% 4.97%
Private Placement Revenue Bond | OFG Bancorp      
Debt Securities, Available-for-sale [Line Items]      
Acquisition period   2 years  
Intersegment revenue   $ 35,000  
US Treasury securities      
Debt Securities, Available-for-sale [Line Items]      
Available for sale, purchase price 549,000 300,000 $ 550,000
Held to maturity, purchase price     200,000
Proceeds from sale of available for sale securities 149,413 203,282 242,373
Gross Losses 7 1,149 $ 247
OIB      
Debt Securities, Available-for-sale [Line Items]      
Restricted cash 525 325  
Oriental Overseas      
Debt Securities, Available-for-sale [Line Items]      
Restricted cash 525 325  
Asset Pledged as Collateral      
Debt Securities, Available-for-sale [Line Items]      
Pledged assets 1,564,000 1,624,000  
Asset Pledged as Collateral | Public Funds      
Debt Securities, Available-for-sale [Line Items]      
Pledged assets $ 1,440,000 $ 1,575,000  
v3.25.0.1
INVESTMENT SECURITIES (Investment Securities by Contractual Maturity - AFS) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Amortized Cost $ 2,444,135 $ 2,177,761
Gross Unrealized Gains 9,614 13,476
Gross Unrealized Losses 115,544 91,973
Fair Value $ 2,338,205 $ 2,099,264
Weighted Average Yield 4.29% 4.07%
Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 2,442,436 $ 1,880,395
Gross Unrealized Gains 9,613 13,424
Gross Unrealized Losses 115,544 91,970
Fair Value $ 2,336,505 $ 1,801,849
Weighted Average Yield 4.29% 3.86%
Investment securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 1,699 $ 297,366
Gross Unrealized Gains 1 52
Gross Unrealized Losses 0 3
Fair Value $ 1,700 $ 297,415
Weighted Average Yield 4.06% 5.39%
FNMA and FHLMC certificates | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 1,981,787 $ 1,464,134
Gross Unrealized Gains 5,545 8,989
Gross Unrealized Losses 74,451 57,178
Fair Value $ 1,912,881 $ 1,415,945
Weighted Average Yield 4.46% 4.03%
FNMA and FHLMC certificates | Due from 1 to 5 years | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 14,930 $ 6,972
Gross Unrealized Gains 0 0
Gross Unrealized Losses 587 311
Fair Value $ 14,343 $ 6,661
Weighted Average Yield 2.07% 1.76%
FNMA and FHLMC certificates | Due from 5 to 10 years | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 23,664 $ 45,835
Gross Unrealized Gains 0 0
Gross Unrealized Losses 1,415 2,767
Fair Value $ 22,249 $ 43,068
Weighted Average Yield 1.90% 2.00%
FNMA and FHLMC certificates | Due after 10 years | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 1,943,193 $ 1,411,327
Gross Unrealized Gains 5,545 8,989
Gross Unrealized Losses 72,449 54,100
Fair Value $ 1,876,289 $ 1,366,216
Weighted Average Yield 4.51% 4.11%
GNMA certificates | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 454,881 $ 406,275
Gross Unrealized Gains 4,068 4,435
Gross Unrealized Losses 40,964 34,416
Fair Value $ 417,985 $ 376,294
Weighted Average Yield 3.57% 3.30%
GNMA certificates | Due less than 1 year | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost   $ 5
Gross Unrealized Gains   0
Gross Unrealized Losses   0
Fair Value   $ 5
Weighted Average Yield   1.31%
GNMA certificates | Due from 1 to 5 years | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 6,215 $ 8,851
Gross Unrealized Gains 0 0
Gross Unrealized Losses 177 351
Fair Value $ 6,038 $ 8,500
Weighted Average Yield 1.74% 1.71%
GNMA certificates | Due from 5 to 10 years | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 11,358 $ 17,113
Gross Unrealized Gains 10 16
Gross Unrealized Losses 641 955
Fair Value $ 10,727 $ 16,174
Weighted Average Yield 2.25% 2.19%
GNMA certificates | Due after 10 years | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 437,308 $ 380,306
Gross Unrealized Gains 4,058 4,419
Gross Unrealized Losses 40,146 33,110
Fair Value $ 401,220 $ 351,615
Weighted Average Yield 3.63% 3.38%
CMOs issued by US government-sponsored agencies | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 5,768 $ 9,986
Gross Unrealized Gains 0 0
Gross Unrealized Losses 129 376
Fair Value $ 5,639 $ 9,610
Weighted Average Yield 2.21% 2.06%
CMOs issued by US government-sponsored agencies | Due from 1 to 5 years | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 5,015 $ 9,071
Gross Unrealized Gains 0 0
Gross Unrealized Losses 126 364
Fair Value $ 4,889 $ 8,707
Weighted Average Yield 1.78% 1.78%
CMOs issued by US government-sponsored agencies | Due from 5 to 10 years | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost   $ 54
Gross Unrealized Gains   0
Gross Unrealized Losses   0
Fair Value   $ 54
Weighted Average Yield   2.14%
CMOs issued by US government-sponsored agencies | Due after 10 years | Mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 753 $ 861
Gross Unrealized Gains 0 0
Gross Unrealized Losses 3 12
Fair Value $ 750 $ 849
Weighted Average Yield 5.07% 5.07%
US Treasury securities | Due less than 1 year | Investment securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 1,149 $ 296,747
Gross Unrealized Gains 1 52
Gross Unrealized Losses 0 0
Fair Value $ 1,150 $ 296,799
Weighted Average Yield 4.85% 5.40%
Other debt securities | Investment securities    
Schedule of Investments [Line Items]    
Amortized Cost   $ 619
Gross Unrealized Gains   0
Gross Unrealized Losses   3
Fair Value   $ 616
Weighted Average Yield   3.20%
Other debt securities | Due less than 1 year | Investment securities    
Schedule of Investments [Line Items]    
Amortized Cost   $ 500
Gross Unrealized Gains   0
Gross Unrealized Losses   0
Fair Value   $ 500
Weighted Average Yield   3.25%
Other debt securities | Due from 1 to 5 years | Investment securities    
Schedule of Investments [Line Items]    
Amortized Cost $ 550 $ 119
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 3
Fair Value $ 550 $ 116
Weighted Average Yield 2.41% 2.97%
v3.25.0.1
INVESTMENT SECURITIES (Investment Securities by Contractual Maturity - HTM) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost $ 327,158 $ 549,024
Gross Unrealized Gains 22 55
Gross Unrealized Losses 60,006 58,315
Fair Value $ 267,174 $ 490,764
Weighted Average Yield 2.13% 2.60%
Amortized Cost $ 2,444,135 $ 2,177,761
Gross Unrealized Gains 9,614 13,476
Gross Unrealized Losses 115,544 91,973
Fair Value $ 2,338,205 $ 2,099,264
Weighted Average Yield 4.29% 4.07%
Mortgage-backed securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost $ 2,442,436 $ 1,880,395
Gross Unrealized Gains 9,613 13,424
Gross Unrealized Losses 115,544 91,970
Fair Value $ 2,336,505 $ 1,801,849
Weighted Average Yield 4.29% 3.86%
Investment securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost $ 1,699 $ 297,366
Gross Unrealized Gains 1 52
Gross Unrealized Losses 0 3
Fair Value $ 1,700 $ 297,415
Weighted Average Yield 4.06% 5.39%
FNMA and FHLMC certificates | Mortgage-backed securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost $ 1,981,787 $ 1,464,134
Gross Unrealized Gains 5,545 8,989
Gross Unrealized Losses 74,451 57,178
Fair Value $ 1,912,881 $ 1,415,945
Weighted Average Yield 4.46% 4.03%
FNMA and FHLMC certificates | Due from 1 to 5 years | Mortgage-backed securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost $ 14,930 $ 6,972
Gross Unrealized Gains 0 0
Gross Unrealized Losses 587 311
Fair Value $ 14,343 $ 6,661
Weighted Average Yield 2.07% 1.76%
FNMA and FHLMC certificates | Due after 10 years | Mortgage-backed securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost $ 292,158 $ 314,710
Gross Unrealized Gains 0 0
Gross Unrealized Losses 60,006 56,767
Fair Value $ 232,152 $ 257,943
Weighted Average Yield 1.73% 1.72%
Amortized Cost $ 1,943,193 $ 1,411,327
Gross Unrealized Gains 5,545 8,989
Gross Unrealized Losses 72,449 54,100
Fair Value $ 1,876,289 $ 1,366,216
Weighted Average Yield 4.51% 4.11%
US Treasury securities | Due less than 1 year | Investment securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost   $ 199,314
Gross Unrealized Gains   0
Gross Unrealized Losses   1,548
Fair Value   $ 197,766
Weighted Average Yield   3.33%
Amortized Cost $ 1,149 $ 296,747
Gross Unrealized Gains 1 52
Gross Unrealized Losses 0 0
Fair Value $ 1,150 $ 296,799
Weighted Average Yield 4.85% 5.40%
Other debt securities available for sale | Investment securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost   $ 619
Gross Unrealized Gains   0
Gross Unrealized Losses   3
Fair Value   $ 616
Weighted Average Yield   3.20%
Other debt securities available for sale | Due less than 1 year | Investment securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost $ 35,000  
Gross Unrealized Gains 22  
Gross Unrealized Losses 0  
Fair Value $ 35,022  
Weighted Average Yield 5.53%  
Amortized Cost   $ 500
Gross Unrealized Gains   0
Gross Unrealized Losses   0
Fair Value   $ 500
Weighted Average Yield   3.25%
Other debt securities available for sale | Due from 1 to 5 years | Investment securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost   $ 35,000
Gross Unrealized Gains   55
Gross Unrealized Losses   0
Fair Value   $ 35,055
Weighted Average Yield   6.36%
Amortized Cost $ 550 $ 119
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 3
Fair Value $ 550 $ 116
Weighted Average Yield 2.41% 2.97%
v3.25.0.1
INVESTMENT SECURITIES (Sale of Securities Available-for-Sale) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investments [Line Items]      
Investment securities available-for-sale $ 149,406 $ 202,133 $ 242,126
US Treasury securities      
Schedule of Investments [Line Items]      
Investment securities available-for-sale 149,406 202,133 242,126
Book Value at Sale 149,413 203,282 242,373
Gross Gains 0 0 0
Gross Losses $ 7 $ 1,149 $ 247
v3.25.0.1
INVESTMENT SECURITIES (Unrealized Gains and Losses by Category) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Securities Available-for-Sale, Amortized Cost    
12 months or more $ 887,222 $ 1,017,108
Less than 12 months 890,768 114,099
Amortized Cost 1,777,990 1,131,207
Securities Available-for-Sale, Unrealized Loss    
12 months or more 100,536 91,590
Less than 12 months 15,008 383
Total 115,544 91,973
Securities Available-for-Sale, Fair Value    
12 months or more 786,686 925,518
Less than 12 months 875,760 113,716
Total 1,662,446 1,039,234
FNMA and FHLMC certificates    
Securities Available-for-Sale, Amortized Cost    
12 months or more 641,189 731,334
Less than 12 months 804,976 106,235
Amortized Cost 1,446,165 837,569
Securities Available-for-Sale, Unrealized Loss    
12 months or more 61,462 56,847
Less than 12 months 12,989 331
Total 74,451 57,178
Securities Available-for-Sale, Fair Value    
12 months or more 579,727 674,487
Less than 12 months 791,987 105,904
Total 1,371,714 780,391
GNMA certificates    
Securities Available-for-Sale, Amortized Cost    
12 months or more 240,265 275,669
Less than 12 months 85,792 7,864
Amortized Cost 326,057 283,533
Securities Available-for-Sale, Unrealized Loss    
12 months or more 38,945 34,364
Less than 12 months 2,019 52
Total 40,964 34,416
Securities Available-for-Sale, Fair Value    
12 months or more 201,320 241,305
Less than 12 months 83,773 7,812
Total 285,093 249,117
CMOs issued by US Government-sponsored agencies    
Securities Available-for-Sale, Amortized Cost    
12 months or more 5,768 9,986
Amortized Cost 5,768 9,986
Securities Available-for-Sale, Unrealized Loss    
12 months or more 129 376
Total 129 376
Securities Available-for-Sale, Fair Value    
12 months or more 5,639 9,610
Total $ 5,639 9,610
Other debt securities    
Securities Available-for-Sale, Amortized Cost    
12 months or more   119
Amortized Cost   119
Securities Available-for-Sale, Unrealized Loss    
12 months or more   3
Total   3
Securities Available-for-Sale, Fair Value    
12 months or more   116
Total   $ 116
v3.25.0.1
PLEDGED ASSETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: $ 5,426,360 $ 3,939,856
Financial assets not pledged: 5,048,696 6,271,156
Investment securities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial assets not pledged: 1,101,730 1,024,427
Residential mortgage loans    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial assets not pledged: 783,634 792,796
Commercial    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial assets not pledged: 2,566,102 2,728,777
Consumer Loan    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial assets not pledged: 117,430 620,446
Auto loans    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Financial assets not pledged: 479,800 1,104,710
Total pledged investment securities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: 1,563,633 1,623,861
Total pledged investment securities | Puerto Rico | Government | Deposits    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: 1,439,627 1,575,042
Total pledged investment securities | Bond for the Bank's trust operations    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: 104 104
Total pledged investment securities | Bank Term Funding Program    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: 41,889 48,070
Total pledged investment securities | IBE Regulation    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: 1,045 645
Total pledged investment securities | Securities Sold under Agreements to Repurchase    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Amortized Cost of Underlying Securities 80,968 0
Mortgages | Advances from the FHLB    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: 700,469 769,813
Commercial    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: 541,434 376,471
Commercial | Advances from the FHLB    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: 394,597 236,665
Commercial | Puerto Rico | Government | Deposits    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: 66,944 69,731
Commercial | Federal Reserve Bank Credit Facility    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: 79,893 70,075
Auto loans | Federal Reserve Bank Credit Facility    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: 2,069,693 1,169,711
Consumer Loan | Federal Reserve Bank Credit Facility    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Pledged investment securities to secure: $ 551,131 $ 0
v3.25.0.1
LOANS (Narrative) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
portfolioSegment
Dec. 31, 2024
USD ($)
portfolioSegment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Number of loan portfolio segments | portfolioSegment 4 4    
Principle balance $ 7,616,099 $ 7,616,099 $ 7,373,273  
Total loans held-for-sale 17,732 17,732 28,345  
Total Loans 7,791,962 7,791,962 7,534,379  
Mortgage servicing rights   20,377 0 $ 0
Accrued interest receivable on modified loans   127 188  
Recorded investment of residential mortgage loans collateralized and in process of foreclosure 25,000 25,000 24,100  
Accrued interest receivable 71,667 71,667 71,400  
Loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Accrued interest receivable 60,864 60,864 63,526  
Non-PCD        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Principle balance 6,689,502 6,689,502 6,310,517  
Total loans held-for-sale 17,732 17,732 28,345  
Total Loans 6,860,211 6,860,211 6,463,127  
Non-PCD | Total Past Due        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 300,158 300,158 243,037  
Mortgage Loans - GNMA Buy-Back Option Program        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Delinquent loans 48,600 48,600 19,400  
Mortgage servicing rights 1,700,000      
Defaulted mortgage loan amount 24,200 24,200    
Commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, excluding accrued interest, sale   56,600    
Recognized gain on sale   900    
Total loans held-for-sale 4,446 4,446 28,345  
Total Loans 3,103,091 $ 3,103,091 3,076,903  
Nonaccrual status   90 days    
Commitment to lend additional funds 0 $ 0 0  
Balance of revolving loans converted to term loans, amount 191,900 191,900 144,100  
Commercial loans | Non-accruing        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans held-for-sale 0 0 6,400  
Commercial loans | Total Past Due        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans held-for-sale     6,400  
Commercial loans | Non-PCD        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans held-for-sale 4,446 4,446 28,345  
Total Loans 3,014,362 3,014,362 2,941,456  
Commercial loans | Non-PCD | Total Past Due        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 20,193 20,193 14,298  
Commercial loans | Small Business Commercial Loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, excluding accrued interest, sale     4,300  
Principle balance     25,300  
Recognized gain on sale     6,300  
Commercial loans | Puerto Rico        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 2,399,010 2,399,010 2,321,675  
Commercial loans | Puerto Rico | Non-PCD        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 2,310,281 2,310,281 2,186,228  
Commercial loans | Puerto Rico | Non-PCD | Total Past Due        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 15,688 15,688 14,298  
Commercial loans | Puerto Rico | Government        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 66,400 66,400 68,600  
Mortgage loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans held-for-sale 13,286 13,286 0  
Total Loans 1,470,817 $ 1,470,817 1,562,609  
Nonaccrual status   90 days    
Mortgage loans | Government Guaranteed Loan        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Nonaccrual status   12 months    
Total $ 1,000 $ 1,000 4,600  
Period past due 90 days 90 days    
Mortgage loans | Non-PCD        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans held-for-sale $ 13,286 $ 13,286 0  
Total Loans 628,853 628,853 629,247  
Mortgage loans | Non-PCD | Total Past Due        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 71,426 71,426 47,260  
Mortgage and consumer loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Balance of revolving loans converted to term loans, amount 2,200 2,200 0  
Mortgage and consumer loans | Non-PCD        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans $ 1,296,816 $ 1,296,816 $ 1,249,141  
v3.25.0.1
LOANS (Composition of Loan Portfolio) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans $ 7,791,962 $ 7,534,379    
Allowance for credit losses (175,863) (161,106) $ (152,673)  
Total loans held for investment, net 7,616,099 7,373,273    
Total loans held-for-sale 17,732 28,345    
Total loans 7,633,831 7,401,618    
Commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 3,103,091 3,076,903    
Allowance for credit losses (45,436) (45,154) (40,546)  
Total loans held-for-sale 4,446 28,345    
Commercial loans | Puerto Rico        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 2,399,010 2,321,675    
Commercial loans | UNITED STATES        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 704,081 755,228    
Mortgage loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 1,470,817 1,562,609    
Allowance for credit losses (10,909) (15,349) (18,930)  
Total loans held-for-sale 13,286 0    
Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 668,561 620,446    
Allowance for credit losses (31,829) (27,093) (23,278)  
Auto loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 2,549,493 2,274,421    
Allowance for credit losses (87,689) (73,510) (69,919)  
Non-PCD        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 6,860,211 6,463,127    
Allowance for credit losses (170,709) (152,610) (141,841) $ (132,065)
Total loans held for investment, net 6,689,502 6,310,517    
Total loans held-for-sale 17,732 28,345    
Total loans 6,707,234 6,338,862    
Non-PCD | Commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 3,014,362 2,941,456    
Allowance for credit losses (44,814) (44,041) (39,158) (32,262)
Total loans held-for-sale 4,446 28,345    
Non-PCD | Commercial loans | Puerto Rico        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 2,310,281 2,186,228    
Non-PCD | Commercial loans | UNITED STATES        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 704,081 755,228    
Non-PCD | Mortgage loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 628,853 629,247    
Allowance for credit losses (6,395) (7,998) (9,571) (15,299)
Total loans held-for-sale 13,286 0    
Non-PCD | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 667,963 619,894    
Allowance for credit losses (31,818) (27,086) (23,264) (19,141)
Non-PCD | Auto loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 2,549,033 2,272,530    
Allowance for credit losses (87,682) (73,485) (69,848) (65,363)
PCD        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 931,751 1,071,252    
Allowance for credit losses (5,154) (8,496) (10,832) (23,872)
Total loans held for investment, net 926,597 1,062,756    
Total loans held-for-sale 0 0    
Total loans 926,597 1,062,756    
PCD | Commercial loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 88,729 135,447    
Allowance for credit losses (622) (1,113) (1,388) (4,508)
Total loans held-for-sale 0 0    
PCD | Commercial loans | Puerto Rico        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 88,729 135,447    
PCD | Commercial loans | UNITED STATES        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 0 0    
PCD | Mortgage loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 841,964 933,362    
Allowance for credit losses (4,514) (7,351) (9,359) (19,018)
Total loans held-for-sale 0 0    
PCD | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 598 552    
Allowance for credit losses (11) (7) (14) (34)
PCD | Auto loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 460 1,891    
Allowance for credit losses (7) (25) $ (71) $ (312)
Commercial secured by real estate | Commercial loans | Puerto Rico        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 1,299,591 1,216,195    
Commercial secured by real estate | Non-PCD | Commercial loans | Puerto Rico        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 1,222,395 1,095,207    
Commercial secured by real estate | PCD | Commercial loans | Puerto Rico        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 77,196 120,988    
Other commercial and industrial | Commercial loans | Puerto Rico        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 1,099,419 1,105,480    
Other commercial and industrial | Non-PCD | Commercial loans | Puerto Rico        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 1,087,886 1,091,021    
Other commercial and industrial | PCD | Commercial loans | Puerto Rico        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 11,533 14,459    
Commercial US | Non-PCD | Commercial loans | UNITED STATES        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 704,081 755,228    
Personal loans | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 620,675 568,622    
Personal loans | Non-PCD | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 620,430 568,358    
Personal loans | PCD | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 245 264    
Credit lines | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 10,479 11,214    
Credit lines | Non-PCD | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 10,126 10,926    
Credit lines | PCD | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 353 288    
Credit cards | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 36,956 40,314    
Credit cards | Non-PCD | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 36,956 40,314    
Credit cards | PCD | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 0 0    
Overdraft | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 451 296    
Overdraft | Non-PCD | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans 451 296    
Overdraft | PCD | Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total Loans $ 0 $ 0    
v3.25.0.1
LOANS (Aging of Recorded Investment in Gross Loans) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Total Loans $ 7,791,962 $ 7,534,379
Commercial loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 3,103,091 3,076,903
Mortgage loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 1,470,817 1,562,609
Consumer    
Financing Receivable, Past Due [Line Items]    
Total Loans 668,561 620,446
Auto loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 2,549,493 2,274,421
Non-PCD    
Financing Receivable, Past Due [Line Items]    
Total Loans 6,860,211 6,463,127
Loans 90+ Days Past Due and Still Accruing 2,047 2,478
Non-PCD | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 300,158 243,037
Non-PCD | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 135,976 117,664
Non-PCD | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 66,574 60,739
Non-PCD | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 97,608 64,634
Non-PCD | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 6,560,053 6,220,090
Non-PCD | Commercial loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 3,014,362 2,941,456
Loans 90+ Days Past Due and Still Accruing 0 0
Non-PCD | Commercial loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 20,193 14,298
Non-PCD | Commercial loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 1,476 2,951
Non-PCD | Commercial loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 5,349 702
Non-PCD | Commercial loans | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 13,368 10,645
Non-PCD | Commercial loans | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 2,994,169 2,927,158
Non-PCD | Mortgage loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 628,853 629,247
Loans 90+ Days Past Due and Still Accruing 2,047 2,478
Non-PCD | Mortgage loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 71,426 47,260
Non-PCD | Mortgage loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 5,362 6,107
Non-PCD | Mortgage loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 6,069 9,596
Non-PCD | Mortgage loans | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 59,995 31,557
Non-PCD | Mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 557,427 581,987
Non-PCD | Consumer    
Financing Receivable, Past Due [Line Items]    
Total Loans 667,963 619,894
Loans 90+ Days Past Due and Still Accruing 0 0
Non-PCD | Consumer | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 18,471 14,742
Non-PCD | Consumer | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 9,333 6,996
Non-PCD | Consumer | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 4,948 4,370
Non-PCD | Consumer | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 4,190 3,376
Non-PCD | Consumer | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 649,492 605,152
Non-PCD | Auto loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 2,549,033 2,272,530
Loans 90+ Days Past Due and Still Accruing 0 0
Non-PCD | Auto loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 190,068 166,737
Non-PCD | Auto loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 119,805 101,610
Non-PCD | Auto loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 50,208 46,071
Non-PCD | Auto loans | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 20,055 19,056
Non-PCD | Auto loans | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 2,358,965 2,105,793
Personal loans | Consumer    
Financing Receivable, Past Due [Line Items]    
Total Loans 620,675 568,622
Personal loans | Non-PCD | Consumer    
Financing Receivable, Past Due [Line Items]    
Total Loans 620,430 568,358
Loans 90+ Days Past Due and Still Accruing 0 0
Personal loans | Non-PCD | Consumer | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 16,671 12,911
Personal loans | Non-PCD | Consumer | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 8,522 6,115
Personal loans | Non-PCD | Consumer | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 4,655 4,041
Personal loans | Non-PCD | Consumer | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 3,494 2,755
Personal loans | Non-PCD | Consumer | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 603,759 555,447
Credit lines | Consumer    
Financing Receivable, Past Due [Line Items]    
Total Loans 10,479 11,214
Credit lines | Non-PCD | Consumer    
Financing Receivable, Past Due [Line Items]    
Total Loans 10,126 10,926
Loans 90+ Days Past Due and Still Accruing 0 0
Credit lines | Non-PCD | Consumer | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 216 207
Credit lines | Non-PCD | Consumer | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 53 137
Credit lines | Non-PCD | Consumer | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 38 35
Credit lines | Non-PCD | Consumer | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 125 35
Credit lines | Non-PCD | Consumer | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 9,910 10,719
Credit cards | Consumer    
Financing Receivable, Past Due [Line Items]    
Total Loans 36,956 40,314
Credit cards | Non-PCD | Consumer    
Financing Receivable, Past Due [Line Items]    
Total Loans 36,956 40,314
Loans 90+ Days Past Due and Still Accruing 0 0
Credit cards | Non-PCD | Consumer | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 1,496 1,523
Credit cards | Non-PCD | Consumer | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 670 657
Credit cards | Non-PCD | Consumer | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 255 280
Credit cards | Non-PCD | Consumer | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 571 586
Credit cards | Non-PCD | Consumer | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 35,460 38,791
Overdraft | Consumer    
Financing Receivable, Past Due [Line Items]    
Total Loans 451 296
Overdraft | Non-PCD | Consumer    
Financing Receivable, Past Due [Line Items]    
Total Loans 451 296
Loans 90+ Days Past Due and Still Accruing 0 0
Overdraft | Non-PCD | Consumer | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 88 101
Overdraft | Non-PCD | Consumer | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 88 87
Overdraft | Non-PCD | Consumer | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 0 14
Overdraft | Non-PCD | Consumer | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 0 0
Overdraft | Non-PCD | Consumer | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 363 195
Puerto Rico | Commercial loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 2,399,010 2,321,675
Puerto Rico | Non-PCD | Commercial loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 2,310,281 2,186,228
Loans 90+ Days Past Due and Still Accruing 0 0
Puerto Rico | Non-PCD | Commercial loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 15,688 14,298
Puerto Rico | Non-PCD | Commercial loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 1,476 2,951
Puerto Rico | Non-PCD | Commercial loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 844 702
Puerto Rico | Non-PCD | Commercial loans | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 13,368 10,645
Puerto Rico | Non-PCD | Commercial loans | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 2,294,593 2,171,930
Puerto Rico | Commercial secured by real estate | Commercial loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 1,299,591 1,216,195
Puerto Rico | Commercial secured by real estate | Non-PCD | Commercial loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 1,222,395 1,095,207
Loans 90+ Days Past Due and Still Accruing 0 0
Puerto Rico | Commercial secured by real estate | Non-PCD | Commercial loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 10,874 7,667
Puerto Rico | Commercial secured by real estate | Non-PCD | Commercial loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 879 1,585
Puerto Rico | Commercial secured by real estate | Non-PCD | Commercial loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 215 411
Puerto Rico | Commercial secured by real estate | Non-PCD | Commercial loans | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 9,780 5,671
Puerto Rico | Commercial secured by real estate | Non-PCD | Commercial loans | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 1,211,521 1,087,540
Puerto Rico | Other commercial and industrial | Non-PCD | Commercial loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 1,087,886 1,091,021
Loans 90+ Days Past Due and Still Accruing 0 0
Puerto Rico | Other commercial and industrial | Non-PCD | Commercial loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 4,814 6,631
Puerto Rico | Other commercial and industrial | Non-PCD | Commercial loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 597 1,366
Puerto Rico | Other commercial and industrial | Non-PCD | Commercial loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 629 291
Puerto Rico | Other commercial and industrial | Non-PCD | Commercial loans | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 3,588 4,974
Puerto Rico | Other commercial and industrial | Non-PCD | Commercial loans | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans 1,083,072 1,084,390
UNITED STATES | Commercial loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 704,081 755,228
UNITED STATES | Non-PCD | Commercial loans    
Financing Receivable, Past Due [Line Items]    
Total Loans 704,081 755,228
Loans 90+ Days Past Due and Still Accruing 0 0
UNITED STATES | Non-PCD | Commercial loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 4,505 0
UNITED STATES | Non-PCD | Commercial loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 0 0
UNITED STATES | Non-PCD | Commercial loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 4,505 0
UNITED STATES | Non-PCD | Commercial loans | 90+ Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans 0 0
UNITED STATES | Non-PCD | Commercial loans | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans $ 699,576 $ 755,228
v3.25.0.1
LOANS (Investment in Loans on Non-Accrual Status) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss $ 61,698 $ 63,399
Non-accrual with no Allowance for Credit Loss 16,280 16,000
Total 77,978 79,399
Non-PCD    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 60,764 60,089
Non-accrual with no Allowance for Credit Loss 14,334 12,636
Total 75,098 72,725
Non-PCD | Commercial loans    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 27,782 27,337
Non-accrual with no Allowance for Credit Loss 11,131 8,759
Total 38,913 36,096
Non-PCD | Mortgage loans    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 8,770 10,339
Non-accrual with no Allowance for Credit Loss 3,153 3,858
Total 11,923 14,197
Non-PCD | Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 4,163 3,362
Non-accrual with no Allowance for Credit Loss 44 14
Total 4,207 3,376
Non-PCD | Consumer | Personal loans    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 3,468 2,741
Non-accrual with no Allowance for Credit Loss 44 14
Total 3,512 2,755
Non-PCD | Consumer | Credit lines    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 125 35
Non-accrual with no Allowance for Credit Loss 0 0
Total 125 35
Non-PCD | Consumer | Credit cards    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 570 586
Non-accrual with no Allowance for Credit Loss 0 0
Total 570 586
Non-PCD | Auto loans    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 20,049 19,051
Non-accrual with no Allowance for Credit Loss 6 5
Total 20,055 19,056
PCD    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 934 3,310
Non-accrual with no Allowance for Credit Loss 1,946 3,364
Total 2,880 6,674
PCD | Mortgage loans    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 239 250
Non-accrual with no Allowance for Credit Loss 0 0
Total 239 250
Puerto Rico | Non-PCD | Commercial loans    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 6,465 8,113
Non-accrual with no Allowance for Credit Loss 8,244 8,759
Total 14,709 16,872
Puerto Rico | Non-PCD | Commercial loans | Commercial secured by real estate    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 4,610 3,553
Non-accrual with no Allowance for Credit Loss 6,248 7,929
Total 10,858 11,482
Puerto Rico | Non-PCD | Commercial loans | Other commercial and industrial    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 1,855 4,560
Non-accrual with no Allowance for Credit Loss 1,996 830
Total 3,851 5,390
Puerto Rico | PCD | Commercial loans    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 695 3,060
Non-accrual with no Allowance for Credit Loss 1,946 3,364
Total 2,641 6,424
Puerto Rico | PCD | Commercial loans | Commercial secured by real estate    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 0 3,060
Non-accrual with no Allowance for Credit Loss 1,946 2,417
Total 1,946 5,477
Puerto Rico | PCD | Commercial loans | Other commercial and industrial    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 695 0
Non-accrual with no Allowance for Credit Loss 0 947
Total 695 947
UNITED STATES | Non-PCD | Commercial loans    
Financing Receivable, Nonaccrual [Line Items]    
Non-accrual with Allowance for Credit Loss 21,317 19,224
Non-accrual with no Allowance for Credit Loss 2,887 0
Total $ 24,204 $ 19,224
v3.25.0.1
LOANS (Troubled-Amortized Cost Basis Debt Restructuring Loan Portfolio) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 9,445 $ 6,734
Term Extension    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 1,688 12,811
Principal Forbearance / Forgiveness    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 6,286 97
Combination of Term Extension and Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 88 843
Combination of Term Extension and Principal Forgiveness / Forbearance    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis 105 4,623
Commercial loans | Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 6,649
% of Total Class of Financing Receivable   0.88%
Commercial loans | Interest Rate Reduction | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Term Extension    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 7,021
% of Total Class of Financing Receivable   0.23%
Commercial loans | Term Extension | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 7,021
% of Total Class of Financing Receivable   0.23%
Commercial loans | Principal Forbearance / Forgiveness    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Principal Forbearance / Forgiveness | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Combination of Term Extension and Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Combination of Term Extension and Interest Rate Reduction | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Combination of Term Extension and Principal Forgiveness / Forbearance    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 4,183
% of Total Class of Financing Receivable   0.55%
Commercial loans | Combination of Term Extension and Principal Forgiveness / Forbearance | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Commercial secured by real estate | Interest Rate Reduction | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Commercial secured by real estate | Term Extension | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 6,332
% of Total Class of Financing Receivable   0.52%
Commercial loans | Commercial secured by real estate | Principal Forbearance / Forgiveness | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Commercial secured by real estate | Combination of Term Extension and Interest Rate Reduction | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Commercial secured by real estate | Combination of Term Extension and Principal Forgiveness / Forbearance | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Other commercial and industrial | Interest Rate Reduction | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Other commercial and industrial | Term Extension | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 689
% of Total Class of Financing Receivable   0.06%
Commercial loans | Other commercial and industrial | Principal Forbearance / Forgiveness | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Other commercial and industrial | Combination of Term Extension and Interest Rate Reduction | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Other commercial and industrial | Combination of Term Extension and Principal Forgiveness / Forbearance | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis   $ 0
% of Total Class of Financing Receivable   0.00%
Commercial loans | Commercial US | Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 9,257 $ 6,649
% of Total Class of Financing Receivable 1.31% 0.88%
Commercial loans | Commercial US | Term Extension    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Commercial loans | Commercial US | Principal Forbearance / Forgiveness    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 6,286 $ 0
% of Total Class of Financing Receivable 0.89% 0.00%
Commercial loans | Commercial US | Combination of Term Extension and Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Commercial loans | Commercial US | Combination of Term Extension and Principal Forgiveness / Forbearance    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 4,183
% of Total Class of Financing Receivable 0.00% 0.55%
Mortgage loans | Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Mortgage loans | Term Extension    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 1,682 $ 5,777
% of Total Class of Financing Receivable 0.11% 0.37%
Mortgage loans | Principal Forbearance / Forgiveness    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 97
% of Total Class of Financing Receivable 0.00% 0.01%
Mortgage loans | Combination of Term Extension and Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 88 $ 710
% of Total Class of Financing Receivable 0.01% 0.05%
Mortgage loans | Combination of Term Extension and Principal Forgiveness / Forbearance    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 105 $ 440
% of Total Class of Financing Receivable 0.01% 0.03%
Personal loans | Personal loans | Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 26 $ 37
% of Total Class of Financing Receivable 0.00% 0.01%
Personal loans | Personal loans | Term Extension    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 6 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Personal loans | Personal loans | Principal Forbearance / Forgiveness    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Personal loans | Personal loans | Combination of Term Extension and Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 80
% of Total Class of Financing Receivable 0.00% 0.01%
Personal loans | Personal loans | Combination of Term Extension and Principal Forgiveness / Forbearance    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Auto loans | Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 162 $ 48
% of Total Class of Financing Receivable 0.01% 0.00%
Auto loans | Term Extension    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 13
% of Total Class of Financing Receivable 0.00% 0.00%
Auto loans | Principal Forbearance / Forgiveness    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
Auto loans | Combination of Term Extension and Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 53
% of Total Class of Financing Receivable 0.00% 0.00%
Auto loans | Combination of Term Extension and Principal Forgiveness / Forbearance    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized Cost Basis $ 0 $ 0
% of Total Class of Financing Receivable 0.00% 0.00%
v3.25.0.1
LOANS (Effect of Combined Modifications) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Commercial loans | Commercial secured by real estate | Puerto Rico    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-Average Interest Rate Reduction   0.00%
Weighted-Average Term Extension (In months)   23 months
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)   $ 0
Commercial loans | Commercial US    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-Average Interest Rate Reduction 0.73%  
Weighted-Average Term Extension (In months) 0 months  
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands) $ 623  
Commercial loans | Commercial US | UNITED STATES    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-Average Interest Rate Reduction   1.95%
Weighted-Average Term Extension (In months)   31 months
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)   $ 2,973
Mortgage loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-Average Interest Rate Reduction 0.38% 1.94%
Weighted-Average Term Extension (In months) 149 months 213 months
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands) $ 11 $ 24
Personal loans | Personal loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-Average Interest Rate Reduction 5.00% 2.98%
Weighted-Average Term Extension (In months) 18 months 81 months
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands) $ 0 $ 0
Auto loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Weighted-Average Interest Rate Reduction 2.82% 3.00%
Weighted-Average Term Extension (In months) 0 months 0 months
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands) $ 0 $ 0
v3.25.0.1
LOANS (Loans Held For Investment That Subsequently Defaulted) (Details) - Mortgage loans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Recorded Investment $ 149 $ 704
Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Recorded Investment 0 0
Term Extension    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Recorded Investment 149 704
Principal Forbearance / Forgiveness    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Recorded Investment 0 0
Combination of Term Extension and Interest Rate Reduction    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Recorded Investment $ 0 $ 0
v3.25.0.1
LOANS (Aging of Loans Held For Investment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans $ 17,612 $ 25,108
Total Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 304 1,381
30-59 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 118 501
60-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 37 297
90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 149 583
Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 17,308 23,727
Commercial loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   17,853
Commercial loans | Total Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Commercial loans | 30-59 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Commercial loans | 60-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Commercial loans | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Commercial loans | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   17,853
Mortgage loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 1,875 7,024
Mortgage loans | Total Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 304 1,351
Mortgage loans | 30-59 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 118 471
Mortgage loans | 60-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 37 297
Mortgage loans | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 149 583
Mortgage loans | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 1,571 5,673
Consumer | Personal loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 32 117
Consumer | Personal loans | Total Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 0
Consumer | Personal loans | 30-59 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 0
Consumer | Personal loans | 60-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 0
Consumer | Personal loans | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 0
Consumer | Personal loans | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 32 117
Auto loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 162 114
Auto loans | Total Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 30
Auto loans | 30-59 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 30
Auto loans | 60-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 0
Auto loans | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 0
Auto loans | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 162 84
Puerto Rico | Commercial loans | Commercial secured by real estate    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   6,332
Puerto Rico | Commercial loans | Commercial secured by real estate | Total Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Commercial secured by real estate | 30-59 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Commercial secured by real estate | 60-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Commercial secured by real estate | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Commercial secured by real estate | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   6,332
Puerto Rico | Commercial loans | Other commercial and industrial    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   689
Puerto Rico | Commercial loans | Other commercial and industrial | Total Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Other commercial and industrial | 30-59 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Other commercial and industrial | 60-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Other commercial and industrial | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Other commercial and industrial | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   689
Puerto Rico | Commercial loans | Commercial PR    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   7,021
Puerto Rico | Commercial loans | Commercial PR | Total Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Commercial PR | 30-59 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Commercial PR | 60-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Commercial PR | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   0
Puerto Rico | Commercial loans | Commercial PR | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans   7,021
UNITED STATES | Commercial loans | Commercial US    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 15,543 10,832
UNITED STATES | Commercial loans | Commercial US | Total Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 0
UNITED STATES | Commercial loans | Commercial US | 30-59 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 0
UNITED STATES | Commercial loans | Commercial US | 60-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 0
UNITED STATES | Commercial loans | Commercial US | 90+ Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans 0 0
UNITED STATES | Commercial loans | Commercial US | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total Loans $ 15,543 $ 10,832
v3.25.0.1
LOANS (Aging of the Amortized Cost of Collateral-Dependent Loans Held For Investment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Commercial loans | Commercial secured by real estate | Real Estate | Puerto Rico    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Commercial loans secured by real estate $ 6,877 $ 8,027
v3.25.0.1
LOANS (Credit Quality Indicators of Loans) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans $ 7,791,962 $ 7,534,379  
Commercial PR:      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 3,103,091 3,076,903  
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 117 33  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 327 1,280  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 690 2,002  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 5,322 136  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 0 103  
Prior, charge-offs 1,761 10,637  
Revolving Loans Amortized Cost Basis, gross charge-offs 0 0  
Total 8,217 14,191  
Commercial PR: | Commercial US:      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total   10,500  
Mortgage loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 1,470,817 1,562,609  
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 0 4  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 0 0  
Prior, charge-offs 126 755  
Revolving Loans Amortized Cost Basis, gross charge-offs 0 0  
Total 126 759  
Consumer      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 668,561 620,446  
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 1,425 1,748  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 10,788 10,512  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 11,973 4,661  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 3,443 830  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 700 1,384  
Prior, charge-offs 1,088 731  
Revolving Loans Amortized Cost Basis, gross charge-offs 3,849 3,789  
Total 33,266 23,655  
Consumer | Personal loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 1,425 1,748  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 10,788 10,512  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 11,973 4,661  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 3,443 830  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 700 1,384  
Prior, charge-offs 1,088 731  
Revolving Loans Amortized Cost Basis, gross charge-offs 0 0  
Total 29,417 19,866  
Consumer | Credit lines      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 10,479 11,214  
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 0 0  
Prior, charge-offs 0 0  
Revolving Loans Amortized Cost Basis, gross charge-offs 156 419  
Total 156 419  
Consumer | Credit cards      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 36,956 40,314  
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 0 0  
Prior, charge-offs 0 0  
Revolving Loans Amortized Cost Basis, gross charge-offs 2,781 2,825  
Total 2,781 2,825  
Consumer | Overdraft      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 451 296  
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 0 0  
Prior, charge-offs 0 0  
Revolving Loans Amortized Cost Basis, gross charge-offs 912 545  
Total 912 545  
Mortgage and consumer loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 1,425 1,748  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 10,788 10,516  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 11,973 4,661  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 3,443 830  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 700 1,384  
Prior, charge-offs 1,214 1,486  
Revolving Loans Amortized Cost Basis, gross charge-offs 3,849 3,789  
Total 33,392 24,414  
Auto loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 2,549,493 2,274,421  
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 4,068 4,090  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 21,603 18,142  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 18,912 10,894  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 8,552 4,008  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 3,799 3,380  
Prior, charge-offs 4,717 3,250  
Total 61,651 43,764  
Non-PCD      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 6,860,211 6,463,127  
Total 103,260 82,369 $ 61,524
Non-PCD | Commercial PR:      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 439,824 662,278  
Term loans amortized by cost basis, in one year prior to current fiscal year 624,400 393,072  
Term loans amortized by cost basis, in two years prior to current fiscal year 338,012 387,643  
Term loans amortized by cost basis, in three years prior to current fiscal year 356,390 195,785  
Term loans amortized by cost basis, in four years prior to current fiscal year 152,776 135,588  
Prior 234,893 184,376  
Revolving Loans Amortized Cost Basis 868,067 982,714  
Total Loans 3,014,362 2,941,456  
Total 8,217 14,191 13,380
Non-PCD | Mortgage loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 41,248 24,623  
Term loans amortized by cost basis, in one year prior to current fiscal year 19,622 19,722  
Term loans amortized by cost basis, in two years prior to current fiscal year 23,314 23,484  
Term loans amortized by cost basis, in three years prior to current fiscal year 28,500 15,929  
Term loans amortized by cost basis, in four years prior to current fiscal year 20,305 15,068  
Prior 495,864 530,421  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 628,853 629,247  
Total 126 759 284
Non-PCD | Mortgage loans | Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 41,100 24,623  
Term loans amortized by cost basis, in one year prior to current fiscal year 18,986 19,722  
Term loans amortized by cost basis, in two years prior to current fiscal year 23,207 23,303  
Term loans amortized by cost basis, in three years prior to current fiscal year 28,034 15,821  
Term loans amortized by cost basis, in four years prior to current fiscal year 20,203 14,589  
Prior 480,388 511,182  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 611,918 609,240  
Non-PCD | Mortgage loans | Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 148 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 636 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 107 181  
Term loans amortized by cost basis, in three years prior to current fiscal year 466 108  
Term loans amortized by cost basis, in four years prior to current fiscal year 102 479  
Prior 15,476 19,239  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 16,935 20,007  
Non-PCD | Consumer      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 266,393 271,386  
Term loans amortized by cost basis, in one year prior to current fiscal year 177,224 188,200  
Term loans amortized by cost basis, in two years prior to current fiscal year 115,920 68,437  
Term loans amortized by cost basis, in three years prior to current fiscal year 41,147 19,378  
Term loans amortized by cost basis, in four years prior to current fiscal year 11,614 14,526  
Prior 8,132 6,431  
Revolving Loans Amortized Cost Basis 47,533 51,536  
Total Loans 667,963 619,894  
Total 33,266 23,655 15,198
Non-PCD | Consumer | Personal loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 266,393 271,386  
Term loans amortized by cost basis, in one year prior to current fiscal year 177,224 188,200  
Term loans amortized by cost basis, in two years prior to current fiscal year 115,920 68,437  
Term loans amortized by cost basis, in three years prior to current fiscal year 41,147 19,378  
Term loans amortized by cost basis, in four years prior to current fiscal year 11,614 14,526  
Prior 8,132 6,431  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 620,430 568,358  
Non-PCD | Consumer | Personal loans | Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 265,955 270,883  
Term loans amortized by cost basis, in one year prior to current fiscal year 175,932 186,612  
Term loans amortized by cost basis, in two years prior to current fiscal year 114,654 68,133  
Term loans amortized by cost basis, in three years prior to current fiscal year 40,794 19,185  
Term loans amortized by cost basis, in four years prior to current fiscal year 11,563 14,460  
Prior 8,020 6,330  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 616,918 565,603  
Non-PCD | Consumer | Personal loans | Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 438 503  
Term loans amortized by cost basis, in one year prior to current fiscal year 1,292 1,588  
Term loans amortized by cost basis, in two years prior to current fiscal year 1,266 304  
Term loans amortized by cost basis, in three years prior to current fiscal year 353 193  
Term loans amortized by cost basis, in four years prior to current fiscal year 51 66  
Prior 112 101  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 3,512 2,755  
Non-PCD | Consumer | Credit lines      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 10,126 10,926  
Total Loans 10,126 10,926  
Non-PCD | Consumer | Credit lines | Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 10,001 10,891  
Total Loans 10,001 10,891  
Non-PCD | Consumer | Credit lines | Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 125 35  
Total Loans 125 35  
Non-PCD | Consumer | Credit cards      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 36,956 40,314  
Total Loans 36,956 40,314  
Non-PCD | Consumer | Credit cards | Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 36,386 39,728  
Total Loans 36,386 39,728  
Non-PCD | Consumer | Credit cards | Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 570 586  
Total Loans 570 586  
Non-PCD | Consumer | Overdraft      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 451 296  
Total Loans 451 296  
Non-PCD | Consumer | Overdraft | Performing      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 451 296  
Total Loans 451 296  
Non-PCD | Consumer | Overdraft | Nonperforming      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 0 0  
Non-PCD | Mortgage and consumer loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 307,641 296,009  
Term loans amortized by cost basis, in one year prior to current fiscal year 196,846 207,922  
Term loans amortized by cost basis, in two years prior to current fiscal year 139,234 91,921  
Term loans amortized by cost basis, in three years prior to current fiscal year 69,647 35,307  
Term loans amortized by cost basis, in four years prior to current fiscal year 31,919 29,594  
Prior 503,996 536,852  
Revolving Loans Amortized Cost Basis 47,533 51,536  
Total Loans 1,296,816 1,249,141  
Non-PCD | Auto loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 857,217 820,277  
Term loans amortized by cost basis, in one year prior to current fiscal year 711,934 631,054  
Term loans amortized by cost basis, in two years prior to current fiscal year 482,628 364,865  
Term loans amortized by cost basis, in three years prior to current fiscal year 264,150 189,059  
Term loans amortized by cost basis, in four years prior to current fiscal year 124,435 152,192  
Prior 108,669 115,083  
Total Loans 2,549,033 2,272,530  
Total 61,651 43,764 $ 32,662
Non-PCD | Auto loans | 1-660      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 157,865 170,639  
Term loans amortized by cost basis, in one year prior to current fiscal year 191,510 190,743  
Term loans amortized by cost basis, in two years prior to current fiscal year 163,990 118,821  
Term loans amortized by cost basis, in three years prior to current fiscal year 93,675 57,087  
Term loans amortized by cost basis, in four years prior to current fiscal year 41,016 41,124  
Prior 38,369 38,570  
Total Loans 686,425 616,984  
Non-PCD | Auto loans | 661-699      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 172,579 169,430  
Term loans amortized by cost basis, in one year prior to current fiscal year 116,145 110,260  
Term loans amortized by cost basis, in two years prior to current fiscal year 69,573 58,166  
Term loans amortized by cost basis, in three years prior to current fiscal year 36,607 25,886  
Term loans amortized by cost basis, in four years prior to current fiscal year 15,583 18,253  
Prior 13,720 16,137  
Total Loans 424,207 398,132  
Non-PCD | Auto loans | 700+      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 521,507 474,005  
Term loans amortized by cost basis, in one year prior to current fiscal year 397,649 323,514  
Term loans amortized by cost basis, in two years prior to current fiscal year 243,449 183,286  
Term loans amortized by cost basis, in three years prior to current fiscal year 130,613 103,886  
Term loans amortized by cost basis, in four years prior to current fiscal year 66,571 88,929  
Prior 54,947 58,779  
Total Loans 1,414,736 1,232,399  
Non-PCD | Auto loans | No FICO      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 5,266 6,203  
Term loans amortized by cost basis, in one year prior to current fiscal year 6,630 6,537  
Term loans amortized by cost basis, in two years prior to current fiscal year 5,616 4,592  
Term loans amortized by cost basis, in three years prior to current fiscal year 3,255 2,200  
Term loans amortized by cost basis, in four years prior to current fiscal year 1,265 3,886  
Prior 1,633 1,597  
Total Loans 23,665 25,015  
Puerto Rico | Commercial PR:      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 2,399,010 2,321,675  
Puerto Rico | Commercial PR: | Commercial secured by real estate      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 1,299,591 1,216,195  
Puerto Rico | Non-PCD | Commercial PR:      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 2,310,281 2,186,228  
Puerto Rico | Non-PCD | Commercial PR: | Commercial secured by real estate      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 219,185 224,598  
Term loans amortized by cost basis, in one year prior to current fiscal year 217,846 218,436  
Term loans amortized by cost basis, in two years prior to current fiscal year 237,714 203,824  
Term loans amortized by cost basis, in three years prior to current fiscal year 198,562 126,655  
Term loans amortized by cost basis, in four years prior to current fiscal year 108,669 98,962  
Prior 192,893 155,470  
Revolving Loans Amortized Cost Basis 47,526 67,262  
Total Loans 1,222,395 1,095,207  
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 184 0  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 0 265  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 0 94  
Prior, charge-offs 26 820  
Revolving Loans Amortized Cost Basis, gross charge-offs 0 0  
Total 210 1,179  
Puerto Rico | Non-PCD | Commercial PR: | Commercial secured by real estate | Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 219,185 224,598  
Term loans amortized by cost basis, in one year prior to current fiscal year 204,144 216,205  
Term loans amortized by cost basis, in two years prior to current fiscal year 229,955 195,884  
Term loans amortized by cost basis, in three years prior to current fiscal year 190,891 120,489  
Term loans amortized by cost basis, in four years prior to current fiscal year 106,562 80,671  
Prior 180,600 131,016  
Revolving Loans Amortized Cost Basis 46,448 65,873  
Total Loans 1,177,785 1,034,736  
Puerto Rico | Non-PCD | Commercial PR: | Commercial secured by real estate | Special Mention      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 13,702 1,772  
Term loans amortized by cost basis, in two years prior to current fiscal year 7,205 6,554  
Term loans amortized by cost basis, in three years prior to current fiscal year 6,192 5,057  
Term loans amortized by cost basis, in four years prior to current fiscal year 909 15,676  
Prior 3,721 12,500  
Revolving Loans Amortized Cost Basis 73 153  
Total Loans 31,802 41,712  
Puerto Rico | Non-PCD | Commercial PR: | Commercial secured by real estate | Substandard      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 459  
Term loans amortized by cost basis, in two years prior to current fiscal year 554 1,386  
Term loans amortized by cost basis, in three years prior to current fiscal year 1,479 1,109  
Term loans amortized by cost basis, in four years prior to current fiscal year 1,198 2,615  
Prior 8,572 11,939  
Revolving Loans Amortized Cost Basis 1,005 1,236  
Total Loans 12,808 18,744  
Puerto Rico | Non-PCD | Commercial PR: | Commercial secured by real estate | Doubtful      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 15  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 0 15  
Puerto Rico | Non-PCD | Commercial PR: | Commercial secured by real estate | Loss      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 0 0  
Puerto Rico | Non-PCD | Commercial PR: | Other commercial and industrial      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 146,393 284,626  
Term loans amortized by cost basis, in one year prior to current fiscal year 270,068 102,948  
Term loans amortized by cost basis, in two years prior to current fiscal year 52,114 114,586  
Term loans amortized by cost basis, in three years prior to current fiscal year 95,403 37,924  
Term loans amortized by cost basis, in four years prior to current fiscal year 23,969 8,424  
Prior 14,469 15,122  
Revolving Loans Amortized Cost Basis 485,470 527,391  
Total Loans 1,087,886 1,091,021  
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 117 0  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 143 124  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 298 1,095  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 3,573 89  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 0 9  
Prior, charge-offs 238 1,180  
Revolving Loans Amortized Cost Basis, gross charge-offs 0 0  
Total 4,369 2,497  
Puerto Rico | Non-PCD | Commercial PR: | Other commercial and industrial | Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 146,372 284,615  
Term loans amortized by cost basis, in one year prior to current fiscal year 269,680 99,522  
Term loans amortized by cost basis, in two years prior to current fiscal year 48,516 113,760  
Term loans amortized by cost basis, in three years prior to current fiscal year 49,751 37,665  
Term loans amortized by cost basis, in four years prior to current fiscal year 23,858 7,438  
Prior 13,508 14,836  
Revolving Loans Amortized Cost Basis 477,838 527,008  
Total Loans 1,029,523 1,084,844  
Puerto Rico | Non-PCD | Commercial PR: | Other commercial and industrial | Special Mention      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 8  
Term loans amortized by cost basis, in one year prior to current fiscal year 373 2,953  
Term loans amortized by cost basis, in two years prior to current fiscal year 3,281 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 45,012 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 51  
Prior 136 100  
Revolving Loans Amortized Cost Basis 4,920 0  
Total Loans 53,722 3,112  
Puerto Rico | Non-PCD | Commercial PR: | Other commercial and industrial | Substandard      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 21 3  
Term loans amortized by cost basis, in one year prior to current fiscal year 15 473  
Term loans amortized by cost basis, in two years prior to current fiscal year 317 826  
Term loans amortized by cost basis, in three years prior to current fiscal year 640 259  
Term loans amortized by cost basis, in four years prior to current fiscal year 111 935  
Prior 825 186  
Revolving Loans Amortized Cost Basis 2,712 383  
Total Loans 4,641 3,065  
Puerto Rico | Non-PCD | Commercial PR: | Other commercial and industrial | Doubtful      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 0 0  
Puerto Rico | Non-PCD | Commercial PR: | Other commercial and industrial | Loss      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 0 0  
UNITED STATES | Commercial PR:      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 704,081 755,228  
UNITED STATES | Non-PCD | Commercial PR:      
Financing Receivable, Credit Quality Indicator [Line Items]      
Total Loans 704,081 755,228  
UNITED STATES | Non-PCD | Commercial PR: | Commercial US:      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 74,246 153,054  
Term loans amortized by cost basis, in one year prior to current fiscal year 136,486 71,688  
Term loans amortized by cost basis, in two years prior to current fiscal year 48,184 69,233  
Term loans amortized by cost basis, in three years prior to current fiscal year 62,425 31,206  
Term loans amortized by cost basis, in four years prior to current fiscal year 20,138 28,202  
Prior 27,531 13,784  
Revolving Loans Amortized Cost Basis 335,071 388,061  
Total Loans 704,081 755,228  
Term loans amortized by cost basis, in current fiscal year, gross charge-offs 0 33  
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs 0 1,156  
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs 392 642  
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs 1,749 47  
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs 0 0  
Prior, charge-offs 1,497 8,637  
Revolving Loans Amortized Cost Basis, gross charge-offs 0 0  
Total 3,638 10,515  
UNITED STATES | Non-PCD | Commercial PR: | Commercial US: | Pass      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 56,534 142,222  
Term loans amortized by cost basis, in one year prior to current fiscal year 120,064 63,885  
Term loans amortized by cost basis, in two years prior to current fiscal year 21,648 69,233  
Term loans amortized by cost basis, in three years prior to current fiscal year 57,736 31,206  
Term loans amortized by cost basis, in four years prior to current fiscal year 20,138 28,202  
Prior 21,884 8,085  
Revolving Loans Amortized Cost Basis 273,971 358,757  
Total Loans 571,975 701,590  
UNITED STATES | Non-PCD | Commercial PR: | Commercial US: | Special Mention      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 7,803  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 39,896 20,913  
Total Loans 39,896 28,716  
UNITED STATES | Non-PCD | Commercial PR: | Commercial US: | Substandard      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 16,094 10,832  
Term loans amortized by cost basis, in one year prior to current fiscal year 16,422 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 26,536 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 4,689 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 5,647 5,699  
Revolving Loans Amortized Cost Basis 21,204 8,391  
Total Loans 90,592 24,922  
UNITED STATES | Non-PCD | Commercial PR: | Commercial US: | Doubtful      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 1,618 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans 1,618 0  
UNITED STATES | Non-PCD | Commercial PR: | Commercial US: | Loss      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized by cost basis, in current fiscal year 0 0  
Term loans amortized by cost basis, in one year prior to current fiscal year 0 0  
Term loans amortized by cost basis, in two years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in three years prior to current fiscal year 0 0  
Term loans amortized by cost basis, in four years prior to current fiscal year 0 0  
Prior 0 0  
Revolving Loans Amortized Cost Basis 0 0  
Total Loans $ 0 $ 0  
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES (Narrative) (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Loan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Loan
Financing Receivable, Allowance for Credit Loss [Line Items]        
Decrease in allowance for credit losses   $ 14,800    
Provision for credit losses   82,251 $ 60,638 $ 24,119
Financing receivable, excluding accrued interest, allowance for credit loss, writeoff (recovery)   (67,800)    
Increase (decrease) in net charge-offs   15,900    
PCD        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs   1,170 3,902 2,250
Recoveries   3,003 3,054 7,220
Provision for (recapture of) credit losses   (5,175) (1,488) (18,010)
Non-PCD        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs   103,260 82,369 61,524
Recoveries   33,637 31,373 28,882
Provision for (recapture of) credit losses   87,722 61,765 42,418
Other commercial and industrial        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Net charge off   3,500    
Recoveries   2,600    
Commercial loans        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for credit losses   13,400    
Increase (decrease) in net charge-offs   (8,800)    
Charge-offs   8,217 14,191  
Commercial loans | UNITED STATES        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for credit losses   $ 8,600    
Number of commercial loans | Loan   4    
Commercial loans | PCD        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs   $ 967 2,794 69
Recoveries $ 1,100 1,411 1,618 3,804
Provision for (recapture of) credit losses   (935) 901 $ (6,855)
Number of commercial loans | Loan       4
Number of commercial loans sold | Loan       2
Commercial loans | PCD | Puerto Rico        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Recoveries       $ 2,800
Commercial loans | Non-PCD        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs   8,217 14,191 13,380
Recoveries   2,068 874 1,200
Provision for (recapture of) credit losses   6,922 18,200 19,076
Commercial loans | Loans Sold | PCD        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs       12,300
Commercial loans | Other commercial and industrial | Non-PCD | Puerto Rico        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs   4,369 2,497  
Commercial loans | Commercial US        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs     10,500  
Commercial loans | Commercial US | Non-PCD | UNITED STATES        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs   3,638 10,515  
Commercial loans | Small Business Commercial Loans        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs     906  
Auto loans        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Increase (decrease) in net charge-offs   17,000    
Charge-offs   61,651 43,764  
Auto loans | PCD        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs   25 170 310
Recoveries   204 642 657
Provision for (recapture of) credit losses   (197) (518) (588)
Auto loans | Non-PCD        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs   61,651 43,764 32,662
Recoveries   26,334 25,107 21,131
Provision for (recapture of) credit losses   49,514 22,294 16,016
Consumer        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Increase (decrease) in net charge-offs   (9,000)    
Charge-offs   33,266 23,655  
Consumer | PCD        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs   0 621 176
Recoveries   62 96 94
Provision for (recapture of) credit losses   (58) 518 62
Consumer | Non-PCD        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Charge-offs   33,266 23,655 15,198
Recoveries   4,166 4,175 3,237
Provision for (recapture of) credit losses   33,832 23,302 $ 16,084
Consumer And Automobile And Leasing Portfolio Segments        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Recoveries     $ 3,700  
Loss Rate Models        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for credit losses   12,600    
Economic Rate Models        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for credit losses   6,000    
Uncertainty Of Recent Auto Delinquency Trends        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for credit losses   5,700    
Uncertainty Of Recent Auto Delinquency Trends | UNITED STATES        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for credit losses   2,700    
Financing Receivable, Loan Growth        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Provision for credit losses   $ 60,200    
v3.25.0.1
ALLOWANCE FOR CREDIT LOSSES (Schedule of Gross Loan and Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year   $ 161,106 $ 152,673  
Balance at end of year   175,863 161,106 $ 152,673
Commercial        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year   45,154 40,546  
Charge-offs   (8,217) (14,191)  
Balance at end of year   45,436 45,154 40,546
Mortgage loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year   15,349 18,930  
Charge-offs   (126) (759)  
Balance at end of year   10,909 15,349 18,930
Consumer        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year   27,093 23,278  
Charge-offs   (33,266) (23,655)  
Balance at end of year   31,829 27,093 23,278
Auto loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year   73,510 69,919  
Charge-offs   (61,651) (43,764)  
Balance at end of year   87,689 73,510 69,919
Non-PCD        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year $ 132,065 152,610 141,841 132,065
Provision for (recapture of) credit losses   87,722 61,765 42,418
Charge-offs   (103,260) (82,369) (61,524)
Recoveries   33,637 31,373 28,882
Balance at end of year   170,709 152,610 141,841
Non-PCD | Commercial        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year 32,262 44,041 39,158 32,262
Provision for (recapture of) credit losses   6,922 18,200 19,076
Charge-offs   (8,217) (14,191) (13,380)
Recoveries   2,068 874 1,200
Balance at end of year   44,814 44,041 39,158
Non-PCD | Mortgage loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year 15,299 7,998 9,571 15,299
Provision for (recapture of) credit losses   (2,546) (2,031) (8,758)
Charge-offs   (126) (759) (284)
Recoveries   1,069 1,217 3,314
Balance at end of year   6,395 7,998 9,571
Non-PCD | Consumer        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year 19,141 27,086 23,264 19,141
Provision for (recapture of) credit losses   33,832 23,302 16,084
Charge-offs   (33,266) (23,655) (15,198)
Recoveries   4,166 4,175 3,237
Balance at end of year   31,818 27,086 23,264
Non-PCD | Auto loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year 65,363 73,485 69,848 65,363
Provision for (recapture of) credit losses   49,514 22,294 16,016
Charge-offs   (61,651) (43,764) (32,662)
Recoveries   26,334 25,107 21,131
Balance at end of year   87,682 73,485 69,848
PCD        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year 23,872 8,496 10,832 23,872
Provision for (recapture of) credit losses   (5,175) (1,488) (18,010)
Charge-offs   (1,170) (3,902) (2,250)
Recoveries   3,003 3,054 7,220
Balance at end of year   5,154 8,496 10,832
PCD | Commercial        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year 4,508 1,113 1,388 4,508
Provision for (recapture of) credit losses   (935) 901 (6,855)
Charge-offs   (967) (2,794) (69)
Recoveries 1,100 1,411 1,618 3,804
Balance at end of year   622 1,113 1,388
PCD | Mortgage loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year 19,018 7,351 9,359 19,018
Provision for (recapture of) credit losses   (3,985) (2,389) (10,629)
Charge-offs   (178) (317) (1,695)
Recoveries   1,326 698 2,665
Balance at end of year   4,514 7,351 9,359
PCD | Consumer        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year 34 7 14 34
Provision for (recapture of) credit losses   (58) 518 62
Charge-offs   0 (621) (176)
Recoveries   62 96 94
Balance at end of year   11 7 14
PCD | Auto loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year $ 312 25 71 312
Provision for (recapture of) credit losses   (197) (518) (588)
Charge-offs   (25) (170) (310)
Recoveries   204 642 657
Balance at end of year   $ 7 $ 25 $ 71
v3.25.0.1
FORECLOSED REAL ESTATE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Real Estate Owned Activity [Roll Forward]      
Foreclosed real estate beginning balance $ 10,780 $ 11,214 $ 15,039
Additions 3,497 10,216 7,872
Sales (11,894) (13,880) (16,855)
Decline in value (720) (1,152) (1,256)
Other adjustments 2,339 4,383 6,414
Foreclosed real estate end balance $ 4,002 $ 10,780 $ 11,214
v3.25.0.1
PREMISES AND EQUIPMENT (Schedule of Premises and Equipment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross $ 197,852 $ 179,993
Less: accumulated depreciation and amortization (93,340) (75,891)
Total premises and equipment, net 104,512 104,102
Land    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross 4,031 4,031
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross $ 77,267 76,542
Buildings and improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 20 years  
Buildings and improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 40 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross $ 23,176 19,145
Leasehold improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 1 year  
Leasehold improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 10 years  
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross $ 23,591 21,377
Furniture and fixtures | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 3 years  
Furniture and fixtures | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 10 years  
Information technology and other    
Property, Plant and Equipment [Line Items]    
Premises and equipment, gross $ 69,787 $ 58,898
Information technology and other | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 3 years  
Information technology and other | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 7 years  
v3.25.0.1
PREMISES AND EQUIPMENT (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation $ 20.9 $ 20.4 $ 15.8
v3.25.0.1
SERVICING ASSETS (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Servicing Assets at Fair Value [Line Items]        
Carrying value of mortgage servicing asset $ 70,435 $ 49,520    
Servicing assets 70,435 49,520 $ 50,921 $ 48,973
Servicing fees on mortgage loans 3,090 3,120 3,222  
Conventional Mortgage Loan        
Servicing Assets at Fair Value [Line Items]        
Servicing fees on mortgage loans 19,900 $ 19,000 $ 20,300  
Mortgage loans held for sale        
Servicing Assets at Fair Value [Line Items]        
Carrying value of mortgage servicing asset 1,700,000      
Servicing assets $ 21,400      
v3.25.0.1
SERVICING ASSETS (Changes in Serving Rights at Fair Value) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Servicing Asset at Fair Value, Amount [Roll Forward]      
Fair value at beginning of year $ 49,520 $ 50,921 $ 48,973
Acquired servicing rights 21,427 0  
Servicing from mortgage securitization or asset transfers 1,737 2,560 3,998
Changes due to payments on loans (3,979) (4,163) (5,312)
Changes in fair value due to changes in valuation model inputs or assumptions 1,730 202 3,262
Fair value at end of year $ 70,435 $ 49,520 $ 50,921
v3.25.0.1
SERVICING ASSETS (Key Economic Assumptions) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Minimum      
Servicing Assets at Fair Value [Line Items]      
Constant prepayment rate 1.09% 1.35% 3.43%
Discount rate 10.00% 10.00% 10.00%
Maximum      
Servicing Assets at Fair Value [Line Items]      
Constant prepayment rate 15.28% 17.34% 21.20%
Discount rate 15.50% 15.50% 15.50%
v3.25.0.1
SERVICING ASSETS (Sensitivity of Current Fair Value of Servicing Assets) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Transfers and Servicing [Abstract]    
Carrying value of mortgage servicing asset $ 70,435 $ 49,520
Weighted average life (in years) 7 years 10 months 24 days 7 years 3 months 18 days
Constant prepayment rate - Decrease in fair value due to 10% adverse change $ (1,276) $ (928)
Constant prepayment rate - Decrease in fair value due to 20% adverse change (2,505) (1,821)
Discount rate - Decrease in fair value due to 10% adverse change (3,103) (1,999)
Discount rate - Decrease in fair value due to 20% adverse change $ (5,966) $ (3,856)
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Goodwill) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Goodwill, Beginning Balance $ 84,241 $ 84,241
Goodwill, Ending Balance 84,241 84,241
Banking    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 84,063 84,063
Goodwill, Ending Balance 84,063 84,063
Wealth Management    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 178 178
Goodwill, Ending Balance 178 178
Treasury    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 0 0
Goodwill, Ending Balance $ 0 $ 0
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]          
Increase (decrease) in carrying amount of goodwill $ 0 $ 0 $ 0 $ 0  
Accumulated impairment losses $ 0 $ 0 0 0  
Impairment of goodwill     0 0  
Intangible asset impairment     0    
Amortization of intangible assets     $ 5,912 $ 6,899 $ 8,500
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Core Deposit, Customer Relationship and Other Intangibles) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 54,200 $ 54,200
Accumulated Amortization 39,418 33,506
Net Carrying Value 14,782 20,694
Core deposit intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 41,507 41,507
Accumulated Amortization 30,187 25,659
Net Carrying Value 11,320 15,848
Customer relationship intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 12,693 12,693
Accumulated Amortization 9,231 7,847
Net Carrying Value $ 3,462 $ 4,846
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Amortization of Other Intangible Assets) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 4,928
2026 3,942
2027 2,956
2028 1,971
2029 $ 985
v3.25.0.1
ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Schedule of Accrued Interest Receivable) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accrued interest receivable $ 71,667 $ 71,400
Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accrued interest receivable 60,864 63,526
Investments    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accrued interest receivable $ 10,803 $ 7,874
v3.25.0.1
ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Narrative) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other assets [Line Items]    
Prepaid expenses $ 72,093 $ 63,040
Prepaid municipal, property, and income taxes 62,200 54,700
Other repossessed assets 6,595 4,032
COVID-19 and Hurricane Fiona Deferral Program Loans    
Other assets [Line Items]    
Accrued interest receivable 18,100 20,200
COVID-19 and Hurricane Fiona Deferral Program Loans | Accrued Income Receivable    
Other assets [Line Items]    
Allowance for credit losses 68 85
COVID-19 and Hurricane Fiona Deferral Program Loans | Current    
Other assets [Line Items]    
Accrued interest receivable $ 16,300 $ 18,200
v3.25.0.1
ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Other Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accrued Interest Receivable and Other Assets [Abstract]    
Prepaid expenses $ 72,093 $ 63,040
Other repossessed assets 6,595 4,032
Accounts receivable and other assets 70,191 47,859
Other assets $ 148,879 $ 114,931
v3.25.0.1
DEPOSITS AND RELATED INTEREST (Deposits by Components) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deposits and Related Interest [Abstract]    
Non-interest-bearing demand deposits $ 2,493,860 $ 2,537,431
Interest-bearing savings and demand deposits 5,198,462 5,601,099
Retail certificates of deposit 1,170,560 1,083,316
Institutional certificates of deposit 585,829 378,143
Total core deposits 9,448,711 9,599,989
Brokered deposits 156,075 162,180
Total deposits $ 9,604,786 $ 9,762,169
v3.25.0.1
DEPOSITS AND RELATED INTEREST (Narrative) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
client
Dec. 31, 2023
USD ($)
Deposits and Related Interest [Line Items]    
Uninsured deposits $ 4,915,000 $ 4,885,000
Deposits percent 51.17% 50.04%
Weighted average interest rate of deposits 1.56% 0.88%
Time deposits in denominations in excess of $250,000 $ 1,049,000 $ 747,200
Deposits 9,604,786 9,762,169
Public funds collateral investments 1,507,000 1,645,000
Accrued interest on time deposits 3,100 3,000
Overdrafts in demand deposit accounts 3,200 564
Commercial loans    
Deposits and Related Interest [Line Items]    
Overdrafts in demand deposit accounts $ 2,500  
Number of commercial clients | client 2  
Puerto Rico | Government    
Deposits and Related Interest [Line Items]    
Deposits $ 1,445,000 $ 1,618,000
v3.25.0.1
DEPOSITS AND RELATED INTEREST (Interest Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deposits and Related Interest [Abstract]      
Demand and savings deposits $ 101,733 $ 48,722 $ 24,261
Certificates of deposit 48,547 27,243 7,978
Total $ 150,280 $ 75,965 $ 32,239
v3.25.0.1
DEPOSITS AND RELATED INTEREST (Maturities of Time Deposits) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Year-end amount, Within One Year    
Three months or less $ 645,919 $ 457,533
Over 3 months through 6 months 293,693 195,902
Over 6 months through 1 year 492,799 329,758
Within one year 1,432,411 983,193
Year-end amount, after one year:    
Over 1 through 2 years 340,176 467,348
Over 2 through 3 years 63,044 94,450
Over 3 through 4 years 39,462 29,514
Over 4 through 5 years 33,549 45,575
Over 5 years 722 608
Certificates of deposit 1,909,364 1,620,688
Uninsured amount, within one year:    
Three months or less 336,912 115,392
Over 3 months through 6 months 99,596 61,245
Over 6 months through 1 year 201,877 113,524
Within one year 638,385 290,161
Uninsured amount, after one year:    
Over 1 through 2 years 95,690 201,478
Over 2 through 3 years 9,017 13,971
Over 3 through 4 years 4,176 1,379
Over 4 through 5 years 4,084 4,665
Over 5 years 115 0
Uninsured amount $ 751,467 $ 511,654
v3.25.0.1
BORROWINGS AND RELATED INTEREST (Advances from the Federal Home Loan Bank of New York) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Additional borrowing capacity $ 383,100 $ 446,000
Weighted average period remaining maturity of FHLB advances 4 months 1 year 2 months 12 days
Advances from the FHLB    
Debt Instrument [Line Items]    
Accrued interest payable $ 952 $ 768
Advances from the FHLB | Asset Pledged as Collateral    
Debt Instrument [Line Items]    
Total loans $ 1,100,000 $ 1,000,000
v3.25.0.1
BORROWINGS AND RELATED INTEREST (Schedule of Federal Home Loan Bank Advances And Maturity) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Advances from the FHLB $ 325,952 $ 200,768
Advances from the FHLB    
Debt Instrument [Line Items]    
Advances from the FHLB 325,000 200,000
Advances from the FHLB | Over 90 days to one year    
Debt Instrument [Line Items]    
Advances from the FHLB 270,000 0
Advances from the FHLB | Over one to three years    
Debt Instrument [Line Items]    
Advances from the FHLB 55,000 200,000
Federal Loan Home Bank Advances Short Term Period | Advances from the FHLB    
Debt Instrument [Line Items]    
Advances from the FHLB 270,000 $ 0
Weighted average interest rate of FHLB advances   4.56%
Long-Term Fixed-Rate Advances from FHLB | Advances from the FHLB    
Debt Instrument [Line Items]    
Advances from the FHLB $ 55,000 $ 200,000
Weighted average interest rate of FHLB advances 3.79% 4.52%
v3.25.0.1
BORROWINGS AND RELATED INTEREST (OFG’s Repurchase Agreements, Excluding Accrued Interest) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Securities sold under agreements to repurchase $ 75,222 $ 0
FNMA and FHLMC Certificates    
Debt Instrument [Line Items]    
Amortized Cost of Underlying Securities 81,409  
Securities sold under agreements to repurchase 75,000  
Approximate Fair Value of Underlying Securities $ 80,968  
Weighted Average Interest Rate of Security 5.25%  
Securities Sold under Agreements to Repurchase    
Debt Instrument [Line Items]    
Accrued interest payable $ 222  
Securities sold under agreements to repurchase   $ 0
Securities Sold under Agreements to Repurchase | Under 90 days    
Debt Instrument [Line Items]    
Securities sold under agreements to repurchase 75,000  
Securities Sold under Agreements to Repurchase | Short-term Fixed-rate Repurchase Agreements    
Debt Instrument [Line Items]    
Securities sold under agreements to repurchase $ 75,000  
Weighted Average Interest Rate of Security 4.63%  
v3.25.0.1
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Offsetting Liabilities) (Details) - Securities Sold Under Agreements To Repurchase
$ in Thousands
Dec. 31, 2024
USD ($)
Offsetting Liabilities [Line Items]  
Gross Amount of Recognized Liabilities $ 75,000
Gross Amounts Offset in the Statement of Financial Condition 0
Net Amount of Liabilities Presented in Statement of Financial Condition 75,000
Financial Instruments 80,968
Cash Collateral Provided 0
Net Amount $ (5,968)
v3.25.0.1
EMPLOYEE BENEFIT PLANS (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
plan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Number of profit-sharing plans | plan 3    
Amount of employer match $ 0.50    
Employer matching contribution, percent of match 8.00%    
Cash contributions $ 2,900,000 $ 2,700,000 $ 2,400,000
Vesting service period (in years) 3 years    
Puerto Rico Profit Sharing Plan      
Defined Benefit Plan Disclosure [Line Items]      
Maximum annual contributions per employee $ 20,000    
US and USVI Profit Sharing Plans      
Defined Benefit Plan Disclosure [Line Items]      
Maximum annual contributions per employee $ 23,000    
v3.25.0.1
RELATED PARTY TRANSACTIONS (Activity and Balance of Related Party Loans) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Notes Receivable, Related Parties [Roll Forward]      
Balance at the beginning of year $ 7,373,273    
Balance at the end of year 7,616,099 $ 7,373,273  
Related Party      
Notes Receivable, Related Parties [Roll Forward]      
Balance at the beginning of year 27,483 32,792 $ 25,915
New loans and disbursements 1 507 9,706
Repayments (507) (5,816) (2,829)
Credits of persons no longer considered related parties (26,639) 0 0
Balance at the end of year $ 338 $ 27,483 $ 32,792
v3.25.0.1
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Professional services purchased from related party $ 3,200 $ 3,300 $ 4,300
Equity Investment Commitment      
Related Party Transaction [Line Items]      
Commitment amount 3,000 3,000  
Subsidiaries | Equity Investment Commitment      
Related Party Transaction [Line Items]      
Investment in partnership $ 2,500 $ 2,500  
v3.25.0.1
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Examination [Line Items]      
Tax-exempt interest income $ 29,500 $ 28,600 $ 26,300
Effective tax rate (as a percent) 21.90% 31.43% 31.90%
Unrecognized tax benefits $ 1,000 $ 936  
Unrecognized tax benefits, income tax penalties and interest accrued 69 69  
Net increase in unrecognized tax benefit 69    
Deferred tax liabilities, net 34,470 17,521  
Deferred tax liability, valuation allowance 694 569  
Valuation allowance 5,421 7,589  
Deferred tax asset, net 6,200 4,900  
Increase (decrease) in valuation allowance (2,200)    
Operating loss carryforwards 4,900    
Operating loss carryforwards, valuation allowance 4,700    
Deferred tax liabilities, net 40,718 22,444  
Valuation allowance of deferred income tax assets, net $ 4,700 7,000  
Puerto Rico      
Income Tax Examination [Line Items]      
Statutory tax rate (as a percent) 37.50%    
International Banking Entity      
Income Tax Examination [Line Items]      
Tax-exempt interest income $ 9,100 $ 3,900 $ 4,400
v3.25.0.1
INCOME TAXES (Components of Income Tax Expense (Benefit)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Current income tax expense $ 34,017 $ 16,027 $ 16,740
Deferred income tax expense 21,561 67,349 61,126
Total income tax expense $ 55,578 $ 83,376 $ 77,866
v3.25.0.1
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income tax expense at statutory rates $ 95,156 $ 99,468 $ 91,539
Tax of exempt income, net (14,485) (12,201) (11,523)
Disallowed expense and net operating loss carryover 234 (350) (267)
Change in valuation allowance (2,168) (1,554) (502)
Unrecognized tax benefits, net 69 69 69
Capital gain (loss) at preferential rate 5 472 (787)
Tax rate difference (ordinary vs capital) 23 (817) (247)
Preferential tax treatment on qualified investment activities (16,021) 0 0
Return to provision adjustments (2,083) (721) (407)
Stock-based compensation windfall (1,232) 0 0
Difference in tax rates due to multiple jurisdictions (1,929) (963) 0
Tax credits (1,667) 0 0
Other items, net (324) (27) (9)
Total income tax expense $ 55,578 $ 83,376 $ 77,866
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Income tax expense at statutory rates 37.50% 37.50% 37.50%
Tax of exempt income, net (5.71%) (4.60%) (4.72%)
Disallowed expense and net operating loss carryover 0.09% (0.13%) (0.11%)
Change in valuation allowance (0.85%) (0.59%) (0.21%)
Unrecognized tax benefits, net 0.03% 0.03% 0.03%
Capital gain (loss) at preferential rate 0.00% 0.18% (0.32%)
Tax rate difference (ordinary vs capital) 0.01% (0.31%) (0.10%)
Preferential tax treatment on qualified investment activities (6.31%) 0.00% 0.00%
Return to provision adjustments (0.82%) (0.27%) (0.17%)
Stock-based compensation windfall (0.49%) 0.00% 0.00%
Difference in tax rates due to multiple jurisdictions (0.76%) (0.36%) 0.00%
Tax credits (0.66%) 0.00% 0.00%
Other items, net (0.13%) (0.02%) 0.00%
Income tax expense 21.90% 31.43% 31.90%
v3.25.0.1
INCOME TAXES (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of year $ 936 $ 867 $ 798
Additions for tax positions of prior years 69 69 69
Balance at end of year $ 1,005 $ 936 $ 867
v3.25.0.1
INCOME TAXES (Components of Deferred Tax Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Allowance for credit losses and other reserves $ 62,913 $ 58,612
Scotiabank PR discount 0 463
Loans and other real estate valuation adjustment 1,211 1,905
Deferred loan charge-offs 4,523 16,147
Net operating loss carry forwards 4,878 6,548
Alternative minimum tax 13,822 13,553
Unrealized net loss on available-for-sale securities 16,125 11,525
Goodwill 0 3,542
Acquired portfolio 29,620 37,374
Other assets allowances 2,022 1,692
Other deferred tax assets 21,470 16,344
Total gross deferred tax asset 156,584 167,705
Less: valuation allowance (5,421) (7,589)
Net gross deferred tax assets 151,163 160,116
Deferred tax liabilities:    
Acquired loans tax basis (137,022) (137,143)
Servicing asset (23,359) (15,516)
Building valuation adjustment (5,668) (6,104)
FDIC-assisted Eurobank acquisition, net (5,062) (5,481)
Customer deposit and customer relationship intangibles (2,981) (4,943)
Goodwill (3,167) 0
Scotiabank PR discount (980) 0
Other deferred tax liabilities (7,394) (8,450)
Total gross deferred tax liabilities (185,633) (177,637)
Deferred tax asset, net 6,200 4,900
Deferred tax liability valuation allowance 694 569
Deferred tax liabilities, net $ (34,470) $ (17,521)
v3.25.0.1
REGULATORY CAPITAL REQUIREMENTS (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
OFG Bancorp    
Amount    
Actual - Total capital to risk-weighted assets $ 1,367,692 $ 1,278,537
Actual - Tier 1 capital to risk-weighted assets 1,256,906 1,174,205
Actual - Common equity tier 1 capital to risk-weighted assets 1,256,906 1,174,205
Actual - Tier 1 capital to average total assets 1,256,906 1,174,205
Minimum Capital Requirement - Total capital to risk-weighted assets 925,305 873,369
Minimum Capital Requirement - Tier 1 capital to risk-weighted assets 749,056 707,013
Minimum Capital Requirement - Common equity tier 1 capital to risk-weighted assets 616,870 582,246
Minimum Capital Requirement - Tier 1 capital to average total assets 460,138 425,911
Minimum to be Well Capitalized - Total capital to risk-weighted assets 881,242 831,780
Minimum to be Well Capitalized - Tier 1 capital to risk-weighted assets 704,994 665,424
Minimum to be Well Capitalized - Common equity tier 1 capital to risk-weighted assets 572,807 540,657
Minimum to be Well Capitalized - Tier 1 capital to average total assets $ 575,172 $ 532,389
Ratio    
Actual - total capital to risk-weighted assets 0.1552 0.1537
Actual - Tier 1 capital to risk-weighted assets 0.1426 0.1412
Actual - Common equity tier 1 capital to risk-weighted assets 0.1426 0.1412
Actual - Tier 1 capital to average total assets 0.1093 0.1103
Minimum Capital Requirement - Total capital to risk-weighted assets 0.1050 0.1050
Minimum Capital Requirement - Tier 1 capital to risk-weighted assets 0.0850 0.0850
Minimum Capital Requirement - Common equity tier 1 capital to risk-weighted assets 0.0700 0.0700
Minimum Capital Requirement - Tier 1 capital to average total assets 0.0400 0.0400
Minimum to be Well Capitalized - Total capital to risk-weighted assets 0.1000 0.1000
Minimum to be Well Capitalized - Tier 1 capital to risk-weighted assets 0.0800 0.0800
Minimum to be Well Capitalized - Common equity tier 1 capital to risk-weighted assets 0.0650 0.0650
Minimum to be Well Capitalized - Tier 1 capital to average total assets 0.0500 0.0500
Bank    
Amount    
Actual - Total capital to risk-weighted assets $ 1,301,684 $ 1,179,164
Actual - Tier 1 capital to risk-weighted assets 1,191,547 1,075,487
Actual - Common equity tier 1 capital to risk-weighted assets 1,191,547 1,075,487
Actual - Tier 1 capital to average total assets 1,191,547 1,075,487
Minimum Capital Requirement - Total capital to risk-weighted assets 919,781 867,797
Minimum Capital Requirement - Tier 1 capital to risk-weighted assets 744,585 702,503
Minimum Capital Requirement - Common equity tier 1 capital to risk-weighted assets 613,187 578,532
Minimum Capital Requirement - Tier 1 capital to average total assets 456,144 421,660
Minimum to be Well Capitalized - Total capital to risk-weighted assets 875,982 826,474
Minimum to be Well Capitalized - Tier 1 capital to risk-weighted assets 700,786 661,179
Minimum to be Well Capitalized - Common equity tier 1 capital to risk-weighted assets 569,388 537,208
Minimum to be Well Capitalized - Tier 1 capital to average total assets $ 570,179 $ 527,075
Ratio    
Actual - total capital to risk-weighted assets 0.1486 0.1427
Actual - Tier 1 capital to risk-weighted assets 0.1360 0.1301
Actual - Common equity tier 1 capital to risk-weighted assets 0.1360 0.1301
Actual - Tier 1 capital to average total assets 0.1045 0.1020
Minimum Capital Requirement - Total capital to risk-weighted assets 0.1050 0.1050
Minimum Capital Requirement - Tier 1 capital to risk-weighted assets 0.0850 0.0850
Minimum Capital Requirement - Common equity tier 1 capital to risk-weighted assets 0.0700 0.0700
Minimum Capital Requirement - Tier 1 capital to average total assets 0.0400 0.0400
Minimum to be Well Capitalized - Total capital to risk-weighted assets 0.1000 0.1000
Minimum to be Well Capitalized - Tier 1 capital to risk-weighted assets 0.0800 0.0800
Minimum to be Well Capitalized - Common equity tier 1 capital to risk-weighted assets 0.0650 0.0650
Minimum to be Well Capitalized - Tier 1 capital to average total assets 0.0500 0.0500
v3.25.0.1
STOCK-BASED COMPENSATION PLAN (Equity-Based Compensation Plan) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number Of Options      
Number of options - Beginning of period (in shares) 16,600 234,950 338,494
Number of options - Options exercised (in shares) (15,200) (218,350) (103,544)
Number of options - End of period (in shares) 1,400 16,600 234,950
Weighted Average Exercise Price      
Weighted Average Exercise Price - Beginning of period (in dollars per share) $ 16.92 $ 16.38 $ 15.76
Weighted Average Exercise Price - Options exercised (in dollars per share) 16.88 16.34 14.34
Weighted Average Exercise Price - End of period (in dollars per share) $ 17.44 $ 16.92 $ 16.38
v3.25.0.1
STOCK-BASED COMPENSATION PLAN (Range of Exercise Prices and Weighted Average Remaining Contractual Life) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]        
Number of options, outstanding (in shares) 1,400 16,600 234,950 338,494
Aggregate intrinsic value, outstanding $ 34,832      
Weighted average exercise price, outstanding (in dollars per share) $ 17.44 $ 16.92 $ 16.38 $ 15.76
Aggregate intrinsic value, exercisable $ 34,832      
16.91 to 19.71        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]        
Range of exercise prices, minimum (in dollars per share) $ 16.91      
Range of exercise prices, maximum (in dollars per share) $ 19.71      
Number of options, outstanding (in shares) 1,400      
Weighted average exercise price, outstanding (in dollars per share) $ 17.44      
Weighted average contractual life remaining, outstanding (in years) 2 months 12 days      
Number of options, exercisable (in shares) 1,400      
Weighted average exercise price, exercisable (in dollars per share) $ 17.44      
v3.25.0.1
STOCK-BASED COMPENSATION PLAN (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Number of options granted (in shares) 0 0 0
Total unrecognized compensation cost related to non-vested restricted units $ 7.2    
Weighted-average period of recognition for total unrecognized compensation cost related to non-vested restricted units (in years) 1 year 9 months 18 days    
v3.25.0.1
STOCK-BASED COMPENSATION PLAN (Schedule of the Restricted Units' Activity Under the Omnibus Plan) (Details) - Omnibus Plan - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Units      
Beginning of year (in shares) 410,997 408,832 511,740
Restricted units granted (in shares) 290,193 204,048 178,281
Restricted units lapsed (in shares) (268,406) (181,692) (277,866)
Restricted units forfeited (in shares) (54,494) (20,191) (3,323)
End of year (in shares) 378,290 410,997 408,832
Weighted Average Grant Date Fair Value      
Beginning of year (in dollars per share) $ 25.43 $ 22.27 $ 19.35
Restricted units granted (in dollars per share) 35.57 27.84 27.89
Restricted units lapsed (in dollars per share) 25.31 20.85 17.08
Restricted units forfeited (in dollars per share) 30.17 25.18 22.89
End of year (in dollars per share) $ 32.61 $ 25.43 $ 22.27
v3.25.0.1
STOCKHOLDERS’ EQUITY (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2024
Jan. 31, 2024
Jan. 31, 2022
Equity, Class of Treasury Stock [Line Items]            
Common stock $ 59,885 $ 59,885        
Legal surplus 169,537 150,967        
Transfer to legal surplus $ 18,600 $ 17,100 $ 16,200      
Shares repurchased during period (in shares) 1,791,414 743,699 2,351,868      
Common shares repurchased as part of the stock repurchase programs $ 70,324 $ 18,653 $ 64,110      
Share repurchased, average price per share (in dollars per share) $ 39.26          
Shares purchased (in shares) 0 0        
January 2022 Stock Repurchase Program            
Equity, Class of Treasury Stock [Line Items]            
Stock repurchase program, authorized amount           $ 100,000
Stock repurchase program, remaining authorized repurchase amount           $ 17,200
Shares repurchased during period (in shares)   743,699 2,351,868      
Common shares repurchased as part of the stock repurchase programs   $ 18,700 $ 64,100      
Share repurchased, average price per share (in dollars per share)   $ 25.08 $ 27.26      
January 2024 Stock Repurchase Program            
Equity, Class of Treasury Stock [Line Items]            
Stock repurchase program, authorized amount         $ 50,000  
Stock repurchase program, remaining authorized repurchase amount $ 29,700          
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares) 701,236          
Share price (in dollars per share) $ 42.32          
October 2024 Stock Repurchase Program            
Equity, Class of Treasury Stock [Line Items]            
Stock repurchase program, authorized amount       $ 50,000    
Common stock            
Equity, Class of Treasury Stock [Line Items]            
Accumulated common stock issuance costs charged against paid in capital $ 13,600 $ 13,600        
v3.25.0.1
STOCKHOLDERS’ EQUITY (Activity of Common Shares Held in Treasury) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Beginning of period (in shares) 12,820,078 12,303,859 10,248,882
Common shares used upon lapse of restricted stock units and options (in shares) (166,527) (227,480) (296,891)
Common shares repurchased as part of the stock repurchase programs (in shares) 1,791,414 743,699 2,351,868
End of period (in shares) 14,444,965 12,820,078 12,303,859
Dollar Amount      
Beginning of period $ 228,350 $ 211,135 $ 150,572
Common shares used upon lapse of restricted stock units and options (1,683) (1,438) (3,547)
Common shares repurchased as part of the stock repurchase programs 70,324 18,653 64,110
End of period $ 296,991 $ 228,350 $ 211,135
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Accumulated Comprehensive Income, Net of Income Tax) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss, net of income taxes     $ (89,839) $ (67,013)
AOCI Attributable to Parent        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss, net of income taxes     (89,839) (67,013)
Net unrealized loss on securities available-for-sale        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Unrealized loss on securities available-for-sale $ (78,497)   (105,930)  
Income tax effect of unrealized loss on securities available-for-sale   $ 11,484 16,091  
Net unrealized loss on securities available-for-sale     $ (89,839) $ (67,013)
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Changes in Other Comprehensive Income by Components) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance at beginning of period $ 1,193,480 $ 1,042,406  
Other comprehensive (loss) income before reclassifications   22,145 $ (99,063)
Amounts reclassified out of accumulated other comprehensive loss   4,251 494
Other comprehensive income (loss)   26,396 (98,569)
Balance at end of period 1,254,371 1,193,480 1,042,406
Accumulated other comprehensive loss      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance at beginning of period (67,013) (93,409) 5,160
Balance at end of period (89,839) (67,013) (93,409)
Net unrealized loss on securities available-for-sale      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance at beginning of period (67,013) (93,663) 5,663
Other comprehensive (loss) income before reclassifications   27,792 (99,087)
Amounts reclassified out of accumulated other comprehensive loss   (1,142) (239)
Other comprehensive income (loss) (22,826) 26,650 (99,326)
Balance at end of period (89,839) (67,013) (93,663)
Net unrealized gain on cash flow hedges      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance at beginning of period $ 0 254 (503)
Other comprehensive (loss) income before reclassifications   (5,647) 24
Amounts reclassified out of accumulated other comprehensive loss   5,393 733
Other comprehensive income (loss)   (254) 757
Balance at end of period   $ 0 $ 254
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Reclassifications Out of Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net interest expense $ 588,440 $ 560,870 $ 482,080
Income tax expense 55,578 83,376 77,866
Net income 198,170 181,872 166,239
Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net loss on sale of securities     (247)
Net income 0 4,251 494
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized loss on securities available-for-sale      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net loss on sale of securities (7) (1,149)  
Income tax expense 7 7 8
Interest Rate Contract | Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gain on cash flow hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net interest expense $ 0 $ 5,393 $ 733
v3.25.0.1
EARNINGS PER COMMON SHARE (Schedule of Earnings Per Share Basic and Diluted) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net income available to common shareholders $ 198,170 $ 181,872 $ 166,239
Average common shares outstanding (in shares) 46,637 47,258 48,033
Average potential common shares-options (in shares) 265 294 403
Total weighted average common shares outstanding and equivalents (in shares) 46,902 47,552 48,436
Earnings per common share - basic (in dollars per share) $ 4.25 $ 3.85 $ 3.46
Earnings per common share - diluted (in dollars per share) $ 4.23 $ 3.83 $ 3.44
v3.25.0.1
EARNINGS PER COMMON SHARE (Narrative) (Details) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]            
Weighted average stock options with an anti dilutive effect excluded from calculation of earnings per share (in shares)       1,220 8,695 1,279
Quarterly common stock cash dividend (in dollars per share) $ 0.25 $ 0.25 $ 0.22 $ 1.00 $ 0.88 $ 0.70
v3.25.0.1
GUARANTEES (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Guarantor Obligations [Line Items]      
Acquired standby letters of credit and financial guarantees $ 25,300 $ 24,000  
Repurchased loans not subject to credit recourse provision 6,100 9,600  
Early extinguishment of debt 0 0 $ 42
Amount of serviced loans 5,600,000 5,600,000  
Funds advanced to investors under servicing agreements 5,000 4,200  
Recourse      
Guarantor Obligations [Line Items]      
Loans sold with recourse 90,464 98,685  
Liability for estimated credit losses to loans sold with credit recourse 155 102  
Repurchased GNMA 455 1,200 1,500
Repurchased loans not subject to credit recourse provision     24,200
Early extinguishment of debt (53) 220 148
Nonrecourse      
Guarantor Obligations [Line Items]      
Early extinguishment of debt (659) 678 $ (281)
Nonrecourse | Loan serviced under representation warranties      
Guarantor Obligations [Line Items]      
Loans sold with recourse $ 562 $ 405  
v3.25.0.1
GUARANTEES (Changes in Liability of Estimated Loss from Credit Recourse Agreement) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]      
Balance at beginning of year $ 102 $ 147 $ 294
Net recoveries (charge-offs/terminations) 53 (45) (147)
Balance at end of year $ 155 $ 102 $ 147
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Credit-Related Financial Instruments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Commitments [Line Items]    
Commitments to extend credit $ 1,360,351 $ 1,255,695
Commercial letters of credit 1,096 119
Standby letters of credit and financial guarantees 25,321 23,970
Recourse    
Other Commitments [Line Items]    
Loans sold with recourse $ 90,464 $ 98,685
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Commitments [Line Items]    
Allowance for credit losses for off-balance sheet $ 878 $ 1,200
Other non-credit commitments 14,600 18,900
Legal Contingencies    
Other Commitments [Line Items]    
Contingency loss accrued liability 407 817
Potential Losses, Operational Errors, Theft and Uncollectible Receivables    
Other Commitments [Line Items]    
Contingency loss accrued liability 64 1,400
Technology Commitments    
Other Commitments [Line Items]    
Commitments for capital expenditures in technology $ 953 $ 7,800
v3.25.0.1
OPERATING LEASES (Operating Lease Cost) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee Disclosure [Abstract]      
Lease costs $ 9,474 $ 10,414 $ 10,467
Variable lease costs 1,697 1,452 1,529
Short-term lease costs 384 529 565
Lease income (77) (123) (226)
Total lease costs $ 11,478 $ 12,272 $ 12,335
v3.25.0.1
OPERATING LEASES (Operating Lease Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Lessee Disclosure [Abstract]    
Right-of-use assets $ 19,197 $ 21,725
Lease Liabilities $ 21,388 $ 24,029
v3.25.0.1
OPERATING LEASES (Operating Lease Terms) (Details)
Dec. 31, 2024
Dec. 31, 2023
Lessee Disclosure [Abstract]    
Weighted-average remaining lease term (in years) 4 years 9 months 18 days 5 years 1 month 6 days
Weighted-average discount rate (percentage) 7.60% 7.00%
v3.25.0.1
OPERATING LEASES (Future Minimum Payments for Operating Leases and Present Value) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Lessee Disclosure [Abstract]    
2025 $ 7,434  
2026 5,265  
2027 4,331  
2028 3,239  
2029 1,848  
Thereafter 3,535  
Total lease payments 25,652  
Less imputed interest 4,264  
Present value of lease liabilities $ 21,388 $ 24,029
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
Recurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities at fair value $ 0 $ 0
Non-recurring fair value measurements    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities at fair value $ 0 $ 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Number of security categorized as other debt | security 1  
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities on Recurring and Non-Recurring Basis) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Trading securities $ 18 $ 13    
Money market investments 6,670 4,623 $ 4,161  
Servicing assets 70,435 49,520 50,921 $ 48,973
Foreclosed real estate 4,002 10,780 $ 11,214 $ 15,039
Other repossessed assets 6,595 4,032    
Recurring fair value measurements        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investment securities available-for-sale 2,338,205 2,099,264    
Trading securities 18 13    
Money market investments 6,670 4,623    
Servicing assets 70,435 49,520    
Total 2,415,328 2,153,420    
Non-recurring fair value measurements        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Collateral dependent loans 6,877 8,027    
Foreclosed real estate 4,002 10,780    
Other repossessed assets 6,595 4,032    
Mortgage loans held for sale 13,286      
Other loans held for sale 4,446 28,345    
Total 35,206 51,184    
Level 1 | Recurring fair value measurements        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investment securities available-for-sale 1,150 296,799    
Trading securities 0 0    
Money market investments 6,670 4,623    
Servicing assets 0 0    
Total 7,820 301,422    
Level 1 | Non-recurring fair value measurements        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Collateral dependent loans 0 0    
Foreclosed real estate 0 0    
Other repossessed assets 0 0    
Mortgage loans held for sale 0      
Other loans held for sale 0 0    
Total 0 0    
Level 2 | Recurring fair value measurements        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investment securities available-for-sale 2,337,055 1,802,465    
Trading securities 18 13    
Money market investments 0 0    
Servicing assets 0 0    
Total 2,337,073 1,802,478    
Level 2 | Non-recurring fair value measurements        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Collateral dependent loans 0 0    
Foreclosed real estate 0 0    
Other repossessed assets 0 0    
Mortgage loans held for sale 0      
Other loans held for sale 0 0    
Total 0 0    
Level 3 | Recurring fair value measurements        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Investment securities available-for-sale 0 0    
Trading securities 0 0    
Money market investments 0 0    
Servicing assets 70,435 49,520    
Total 70,435 49,520    
Level 3 | Non-recurring fair value measurements        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Collateral dependent loans 6,877 8,027    
Foreclosed real estate 4,002 10,780    
Other repossessed assets 6,595 4,032    
Mortgage loans held for sale 13,286      
Other loans held for sale 4,446 28,345    
Total $ 35,206 $ 51,184    
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Income Extensible List Not Disclosed Flag Gains included in earnings Gains included in earnings  
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain (Loss) Statement Of Other Comprehensive Income Extensible List Not Disclosed Flag Gains included in other comprehensive income Gains included in other comprehensive income  
Level 3 | Recurring fair value measurements      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Balance at beginning of year $ 49,520 $ 51,327 $ 50,503
New instruments acquired   2,560 4,374
Principal repayments and amortization   (4,163) (5,312)
Instrument converted to equity security   (406) (1,581)
Gains (losses) included in earnings   202 3,262
Gains included in other comprehensive income   0 81
Balance at end of year   49,520 51,327
Level 3 | Recurring fair value measurements | Other debt securities available for sale      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Balance at beginning of year 0 406 1,530
New instruments acquired   0 376
Principal repayments and amortization   0 0
Instrument converted to equity security   (406) (1,581)
Gains (losses) included in earnings   0 0
Gains included in other comprehensive income   0 81
Balance at end of year   0 406
Level 3 | Recurring fair value measurements | Servicing Assets      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Balance at beginning of year 49,520 50,921 48,973
New instruments acquired 23,164 2,560 3,998
Principal repayments and amortization (3,979) (4,163) (5,312)
Instrument converted to equity security 0 0 0
Gains (losses) included in earnings 1,730 202 3,262
Gains included in other comprehensive income 0 0 0
Balance at end of year $ 70,435 $ 49,520 $ 50,921
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Qualitative Information for Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value        
Servicing assets $ 70,435 $ 49,520 $ 50,921 $ 48,973
Foreclosed real estate 4,002 10,780 $ 11,214 $ 15,039
Other repossessed assets 6,595 4,032    
Recurring fair value measurements        
Fair Value        
Servicing assets $ 70,435 $ 49,520    
Minimum        
Unobservable Input        
Constant prepayment rate 1.09% 1.35% 3.43%  
Discount rate 10.00% 10.00% 10.00%  
Maximum        
Unobservable Input        
Constant prepayment rate 15.28% 17.34% 21.20%  
Discount rate 15.50% 15.50% 15.50%  
Mortgage loans held for sale        
Fair Value        
Servicing assets $ 21,400      
Level 3 | Recurring fair value measurements        
Fair Value        
Servicing assets 70,435 $ 49,520    
Level 3 | Servicing Assets | Cash flow valuation        
Fair Value        
Servicing assets $ 70,435 $ 49,520    
Level 3 | Servicing Assets | Cash flow valuation | Minimum        
Unobservable Input        
Constant prepayment rate 1.09% 1.35%    
Discount rate 10.00% 10.00%    
Level 3 | Servicing Assets | Cash flow valuation | Maximum        
Unobservable Input        
Constant prepayment rate 15.28% 17.34%    
Discount rate 15.50% 15.50%    
Level 3 | Servicing Assets | Cash flow valuation | Weighted Average        
Unobservable Input        
Constant prepayment rate 5.83% 6.12%    
Discount rate 11.61% 11.45%    
Level 3 | Collateral dependent loans | Fair value of property or collateral        
Fair Value        
Collateral dependent loans $ 6,877 $ 8,027    
Level 3 | Collateral dependent loans | Fair value of property or collateral | Minimum        
Unobservable Input        
Appraised value less disposition costs 10.20% 10.20%    
Level 3 | Collateral dependent loans | Fair value of property or collateral | Maximum        
Unobservable Input        
Appraised value less disposition costs 33.20% 33.20%    
Level 3 | Collateral dependent loans | Fair value of property or collateral | Weighted Average        
Unobservable Input        
Appraised value less disposition costs 18.14% 17.00%    
Level 3 | Foreclosed real estate | Fair value of property or collateral        
Fair Value        
Foreclosed real estate $ 4,002 $ 10,780    
Level 3 | Foreclosed real estate | Fair value of property or collateral | Minimum        
Unobservable Input        
Appraised value less disposition costs 10.20% 10.20%    
Level 3 | Foreclosed real estate | Fair value of property or collateral | Maximum        
Unobservable Input        
Appraised value less disposition costs 33.20% 33.20%    
Level 3 | Foreclosed real estate | Fair value of property or collateral | Weighted Average        
Unobservable Input        
Appraised value less disposition costs 13.16% 12.67%    
Level 3 | Other repossessed assets | Fair value of property or collateral        
Fair Value        
Other repossessed assets $ 6,595 $ 4,032    
Level 3 | Other repossessed assets | Fair value of property or collateral | Minimum        
Unobservable Input        
Estimated net realizable value 37.00% 31.00%    
Level 3 | Other repossessed assets | Fair value of property or collateral | Maximum        
Unobservable Input        
Estimated net realizable value 69.00% 77.00%    
Level 3 | Other repossessed assets | Fair value of property or collateral | Weighted Average        
Unobservable Input        
Estimated net realizable value 54.73% 57.72%    
Level 3 | Mortgage loans held for sale | Fair value of property or collateral        
Fair Value        
Mortgage loans held for sale $ 13,286      
Level 3 | Mortgage loans held for sale | Fair value of property or collateral | Minimum        
Unobservable Input        
Estimated net realizable value 89.38%      
Level 3 | Mortgage loans held for sale | Fair value of property or collateral | Maximum        
Unobservable Input        
Estimated net realizable value 101.38%      
Level 3 | Mortgage loans held for sale | Fair value of property or collateral | Weighted Average        
Unobservable Input        
Estimated net realizable value 95.01%      
Level 3 | Other loans held for sale | Bids or sales contract prices        
Fair Value        
Other loans held for sale $ 4,446 $ 28,345    
Level 3 | Other loans held for sale | Bids or sales contract prices | Minimum        
Unobservable Input        
Estimated market value 101.21% 52.00%    
Level 3 | Other loans held for sale | Bids or sales contract prices | Maximum        
Unobservable Input        
Estimated market value 101.21% 103.20%    
Level 3 | Other loans held for sale | Bids or sales contract prices | Weighted Average        
Unobservable Input        
Estimated market value 101.21% 84.80%    
v3.25.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Estimated Fair Value and Carrying Value) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financial Assets:        
Trading securities $ 18 $ 13    
Investment securities held-to-maturity 267,174 490,764    
Servicing assets 70,435 49,520 $ 50,921 $ 48,973
Level 1 | Fair Value        
Financial Assets:        
Cash and cash equivalents 591,137 748,173    
Investment securities available-for-sale 1,150 296,799    
Level 1 | Carrying Value        
Financial Assets:        
Cash and cash equivalents 591,137 748,173    
Investment securities available-for-sale 1,150 296,799    
Level 2 | Fair Value        
Financial Assets:        
Trading securities 18 13    
Investment securities available-for-sale 2,337,055 1,802,465    
Investment securities held-to-maturity 232,152 455,709    
Federal Home Loan Bank (FHLB) stock 24,280 14,488    
Equity securities 30,616 23,981    
Level 2 | Carrying Value        
Financial Assets:        
Trading securities 18 13    
Investment securities available-for-sale 2,337,055 1,802,465    
Investment securities held-to-maturity 292,158 514,024    
Federal Home Loan Bank (FHLB) stock 24,280 14,488    
Equity securities 30,616 23,981    
Level 3 | Fair Value        
Financial Assets:        
Investment securities held-to-maturity 35,022 35,055    
Total loans, net (including loans held-for-sale) 7,567,075 7,282,214    
Accrued interest receivable 71,667 71,400    
Servicing assets 70,435 49,520    
Accounts receivable and other assets 70,191 47,859    
Financial Liabilities:        
Deposits 9,625,803 9,767,068    
Securities sold under agreements to repurchase 75,226 0    
Advances from FHLB 324,510 199,184    
Other borrowings 0 2    
Accrued expenses and other liabilities 146,771 115,985    
Level 3 | Carrying Value        
Financial Assets:        
Investment securities held-to-maturity 35,000 35,000    
Total loans, net (including loans held-for-sale) 7,633,831 7,401,618    
Accrued interest receivable 71,667 71,400    
Servicing assets 70,435 49,520    
Accounts receivable and other assets 70,191 47,589    
Financial Liabilities:        
Deposits 9,604,786 9,762,169    
Securities sold under agreements to repurchase 75,222 0    
Advances from FHLB 325,952 200,768    
Other borrowings 0 2    
Accrued expenses and other liabilities $ 146,771 $ 115,985    
v3.25.0.1
BANKING AND FINANCIAL SERVICE REVENUES - Schedule of Commissions and Fees Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Banking service revenues:      
Electronic banking fees $ 52,275 $ 54,109 $ 54,639
Checking accounts fees 8,102 8,924 8,933
Savings accounts fees 1,233 1,334 1,265
Credit life commissions 134 318 724
Branch service commissions 1,323 1,538 1,456
Servicing and other loan fees 3,090 3,120 3,222
International fees 748 720 902
Miscellaneous income 18 15 20
Total banking service revenues 66,923 70,078 71,161
Wealth management revenue:      
Insurance income 17,991 17,178 15,084
Broker fees 8,781 7,375 6,793
Trust fees 8,850 8,402 10,013
Other fees 0 35 745
Total wealth management revenue 35,622 32,990 32,635
Mortgage banking activities:      
Net servicing fees 17,291 15,077 18,258
Net gains on sale of mortgage loans and valuation 2,026 2,993 3,786
Net (loss) gain on repurchased loans and other (681) 717 (115)
Total mortgage banking activities 18,636 18,787 21,929
Total banking and financial service revenues $ 121,181 $ 121,855 $ 125,725
v3.25.0.1
BANKING AND FINANCIAL SERVICE REVENUES - Narrative (Details)
$ in Billions
 3 Months Ended
Dec. 31, 2024
USD ($)
Banking and Thrift, Interest [Abstract]  
Asset threshold $ 10
v3.25.0.1
BUSINESS SEGMENTS (Results of Operations and Selected Financial Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Interest income $ 750,277 $ 648,880 $ 515,573
Interest expense (161,837) (88,010) (33,493)
Net interest income 588,440 560,870 482,080
(Provision for) recapture of credit losses (82,251) (60,638) (24,119)
Non-interest income, net 123,249 128,381 131,690
Non-interest expense:      
Compensation and employee benefits (159,710) (155,827) (142,930)
Occupancy, equipment and infrastructure costs (38,249)    
Depreciation and amortization of premises and equipment (20,874)    
Electronic banking charges (42,816) (41,336) (39,554)
Information technology expenses (27,582) (27,162) (21,891)
Professional and service fees (18,876) (18,764) (24,842)
Loan servicing and clearing expenses (7,935) (7,774) (9,161)
Amortization of other intangible assets (1,385)    
Intersegment expenses 0    
Other (58,263)    
Total non-interest expense (375,690) (363,365) (345,546)
Income before income taxes 253,748 265,248 244,105
Income tax expense (55,578) (83,376) (77,866)
Net income 198,170 181,872 166,239
Total assets 11,500,734 11,344,453  
Expenditures for long-lived assets 21,336    
Reportable Segment      
Segment Reporting Information [Line Items]      
Interest income   648,880 515,573
Interest expense   (88,010) (33,493)
Net interest income   560,870 482,080
(Provision for) recapture of credit losses   (60,638) (24,119)
Non-interest income, net   128,381 131,690
Non-interest expense:      
Compensation and employee benefits   (155,827) (142,930)
Occupancy, equipment and infrastructure costs   (38,847) (35,497)
Depreciation and amortization of premises and equipment   (20,388) (15,811)
Electronic banking charges   (41,336) (39,554)
Information technology expenses   (27,162) (21,891)
Professional and service fees   (18,764) (24,842)
Loan servicing and clearing expenses   (7,774) (9,161)
Amortization of other intangible assets   (1,615) (2,001)
Intersegment expenses   0 0
Other   (51,652) (53,859)
Total non-interest expense   (363,365) (345,546)
Income before income taxes   265,248 244,105
Income tax expense   (83,376) (77,866)
Net income   181,872 166,239
Total assets   11,344,453 9,818,780
Expenditures for long-lived assets   17,857 30,999
Total      
Segment Reporting Information [Line Items]      
Interest income 754,324 663,314 522,153
Interest expense (165,884) (102,444) (40,073)
Net interest income 588,440 560,870 482,080
(Provision for) recapture of credit losses (82,251) (60,638) (24,119)
Non-interest income, net 123,249 128,381 131,690
Non-interest expense:      
Compensation and employee benefits (159,710) (155,827) (142,930)
Occupancy, equipment and infrastructure costs (38,249) (38,847) (35,497)
Depreciation and amortization of premises and equipment (20,874) (20,388) (15,811)
Electronic banking charges (42,816) (41,336) (39,554)
Information technology expenses (27,582) (27,162) (21,891)
Professional and service fees (18,876) (18,764) (24,842)
Loan servicing and clearing expenses (7,935) (7,774) (9,161)
Amortization of other intangible assets (1,385) (1,615) (2,001)
Intersegment expenses 0 0 0
Other (58,263) (51,652) (53,859)
Total non-interest expense (375,690) (363,365) (345,546)
Income before income taxes 253,748 265,248 244,105
Income tax expense (55,578) (83,376) (77,866)
Net income 198,170 181,872 166,239
Total assets 12,740,138 12,496,666 10,803,401
Expenditures for long-lived assets 21,336 17,857 30,999
Total | Banking      
Segment Reporting Information [Line Items]      
Interest income 619,328 567,809 465,177
Interest expense (147,661) (73,480) (31,926)
Net interest income 471,667 494,329 433,251
(Provision for) recapture of credit losses (82,436) (60,255) (24,111)
Non-interest income, net 86,720 97,099 98,407
Non-interest expense:      
Compensation and employee benefits (149,194) (147,241) (132,840)
Occupancy, equipment and infrastructure costs (37,407) (38,251) (34,369)
Depreciation and amortization of premises and equipment (20,807) (20,315) (15,724)
Electronic banking charges (42,816) (41,336) (39,554)
Information technology expenses (27,394) (26,946) (21,669)
Professional and service fees (15,804) (15,878) (21,818)
Loan servicing and clearing expenses (5,937) (5,806) (7,203)
Amortization of other intangible assets (1,385) (1,615) (2,001)
Intersegment expenses 3,518 1,641 2,187
Other (56,173) (47,100) (47,947)
Total non-interest expense (353,399) (342,847) (320,938)
Income before income taxes 122,552 188,326 186,609
Income tax expense (55,402) (83,242) (77,731)
Net income 67,150 105,084 108,878
Total assets 9,513,074 9,154,201 8,347,767
Expenditures for long-lived assets 21,336 17,853 30,982
Total | Wealth Management      
Segment Reporting Information [Line Items]      
Interest income 26 28 21
Interest expense 0 0 0
Net interest income 26 28 21
(Provision for) recapture of credit losses 0 0 0
Non-interest income, net 36,522 32,433 33,481
Non-interest expense:      
Compensation and employee benefits (9,527) (7,627) (9,174)
Occupancy, equipment and infrastructure costs (721) (484) (1,033)
Depreciation and amortization of premises and equipment (48) (50) (58)
Electronic banking charges 0 0 0
Information technology expenses (187) (204) (222)
Professional and service fees (2,875) (2,646) (2,774)
Loan servicing and clearing expenses (1,455) (1,417) (1,396)
Amortization of other intangible assets 0 0 0
Intersegment expenses (2,121) (1,011) (1,497)
Other (1,720) (2,999) (4,549)
Total non-interest expense (18,654) (16,438) (20,703)
Income before income taxes 17,894 16,023 12,799
Income tax expense (10) (34) (97)
Net income 17,884 15,989 12,702
Total assets 34,219 38,261 23,085
Expenditures for long-lived assets 0 2 17
Total | Treasury      
Segment Reporting Information [Line Items]      
Interest income 134,970 95,477 56,955
Interest expense (18,223) (28,964) (8,147)
Net interest income 116,747 66,513 48,808
(Provision for) recapture of credit losses 185 (383) (8)
Non-interest income, net 7 (1,151) (198)
Non-interest expense:      
Compensation and employee benefits (989) (959) (916)
Occupancy, equipment and infrastructure costs (121) (112) (95)
Depreciation and amortization of premises and equipment (19) (23) (29)
Electronic banking charges 0 0 0
Information technology expenses (1) (12) 0
Professional and service fees (197) (240) (250)
Loan servicing and clearing expenses (543) (551) (562)
Amortization of other intangible assets 0 0 0
Intersegment expenses (1,397) (630) (690)
Other (370) (1,553) (1,363)
Total non-interest expense (3,637) (4,080) (3,905)
Income before income taxes 113,302 60,899 44,697
Income tax expense (166) (100) (38)
Net income 113,136 60,799 44,659
Total assets 3,192,845 3,304,204 2,432,549
Expenditures for long-lived assets 0 2 0
Eliminations      
Segment Reporting Information [Line Items]      
Interest income (4,047) (14,434) (6,850)
Interest expense 4,047 14,434 6,850
Net interest income 0 0 0
(Provision for) recapture of credit losses 0 0 0
Non-interest income, net 0 0 0
Non-interest expense:      
Compensation and employee benefits 0 0 0
Occupancy, equipment and infrastructure costs 0 0 0
Depreciation and amortization of premises and equipment 0 0 0
Electronic banking charges 0 0 0
Information technology expenses 0 0 0
Professional and service fees 0 0 0
Loan servicing and clearing expenses 0 0 0
Amortization of other intangible assets 0 0 0
Intersegment expenses 0 0 0
Other 0 0 0
Total non-interest expense 0 0 0
Income before income taxes 0 0 0
Income tax expense 0 0 0
Net income 0 0 0
Total assets (1,239,404) (1,152,213) (984,621)
Expenditures for long-lived assets $ 0 $ 0 $ 0
v3.25.0.1
BUSINESS SEGMENTS (Narrative) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Time Deposits $ 1,912,464 $ 1,623,639
Eliminations | Treasury    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Time Deposits $ 278,400 $ 300,300
v3.25.0.1
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oriental Bank      
Subsidiary or Equity Method Investee [Line Items]      
Dividends and interest paid $ 75.0 $ 45.0 $ 140.0
Oriental Reinsurance      
Subsidiary or Equity Method Investee [Line Items]      
Dividends and interest paid 3.2 4.0 0.0
Oriental Insurance      
Subsidiary or Equity Method Investee [Line Items]      
Dividends and interest paid $ 9.5 $ 0.0 $ 9.5
v3.25.0.1
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Condensed Statements of Financial Information) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
ASSETS        
Cash and due from banks $ 584,467 $ 743,550 $ 546,146  
Deferred tax assets, net 6,248 4,923    
Other assets 148,879 114,931    
Total assets 11,500,734 11,344,453    
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Accrued expenses and other liabilities 146,771 115,985    
Total liabilities 10,246,363 10,150,973    
Stockholders’ equity 1,254,371 1,193,480 1,042,406  
Total liabilities and stockholders’ equity 11,500,734 11,344,453    
Parent Company        
ASSETS        
Cash and due from banks 40,570 73,121 $ 82,045 $ 46,484
Investment in bank subsidiary, equity method 1,188,830 1,094,581    
Investment in nonbank subsidiaries, equity method 38,879 40,145    
Deferred tax assets, net 231 293    
Due from bank subsidiary, net 57 56    
Other assets 504 371    
Total assets 1,269,071 1,208,567    
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Dividends payable 11,640 10,355    
Accrued expenses and other liabilities 3,051 4,729    
Subordinated capital notes 9 3    
Total liabilities 14,700 15,087    
Stockholders’ equity 1,254,371 1,193,480    
Total liabilities and stockholders’ equity $ 1,269,071 $ 1,208,567    
v3.25.0.1
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Condensed Statement of Operations Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Expenses:      
Net income $ 198,170 $ 181,872 $ 166,239
Parent Company      
Income:      
Interest income 3,667 3,712 977
Investment trading activities, net and other 9,586 7,040 6,022
Total income 13,253 10,752 6,999
Expenses:      
Net interest expense 0 0 521
Operating expenses 9,562 8,230 7,992
Total expenses 9,562 8,230 8,513
Income (loss) before income taxes 3,691 2,522 (1,514)
Income tax expense 3,881 3,846 2,782
Loss before earnings of subsidiaries (190) (1,324) (4,296)
Net income 198,170 181,872 166,239
Bank subsidiary      
Expenses:      
Net income 185,699 170,658 162,236
Nonbank subsidiaries      
Expenses:      
Net income $ 12,661 $ 12,538 $ 8,299
v3.25.0.1
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Condensed Statement of Comprehensive Income Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Statement of Income Captions [Line Items]      
Net income $ 198,170 $ 181,872 $ 166,239
Other comprehensive (loss) income before tax:      
Other comprehensive (loss) income before taxes (27,433) 31,133 (116,118)
Income tax effect 4,607 (4,737) 17,549
Other comprehensive (loss) income after taxes (22,826) 26,396 (98,569)
Comprehensive income 175,344 208,268 67,670
Parent Company      
Condensed Statement of Income Captions [Line Items]      
Net income 198,170 181,872 166,239
Other comprehensive (loss) income before tax:      
Other comprehensive (loss) income from bank subsidiary (22,826) 26,396 (98,569)
Other comprehensive (loss) income before taxes (22,826) 26,396 (98,569)
Income tax effect 0 0 0
Other comprehensive (loss) income after taxes (22,826) 26,396 (98,569)
Comprehensive income $ 175,344 $ 208,268 $ 67,670
v3.25.0.1
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Condensed Statement of Cash Flows Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 198,170 $ 181,872 $ 166,239
Adjustments to reconcile net income to net cash provided by operating activities:      
Early extinguishment of debt 0 0 (42)
Stock-based compensation 7,170 5,001 4,185
Deferred income tax, net 21,561 67,349 61,126
Net decrease in other assets (31,339) 4,971 35,371
Net (decrease) increase in accrued expenses and other liabilities (4,759) 279 (34,151)
Net cash provided by operating activities 252,500 295,657 164,456
Cash flows from investing activities:      
Additions to premises and equipment (21,336) (17,857) (30,999)
Net cash used in investing activities (335,979) (1,404,745) (1,512,937)
Cash flows from financing activities:      
Subordinated capital notes 0 0 (34,958)
Exercise of stock options and restricted units lapsed, net (4,368) (1,689) (906)
Net cash (used in) provided by financing activities (73,557) 1,306,797 (124,705)
Net change in cash and cash equivalents (157,036) 197,709 (1,473,186)
Cash and cash equivalents at beginning of year 743,550 546,146  
Cash and cash equivalents at end of year 584,467 743,550 546,146
Parent Company      
Cash flows from operating activities:      
Net income 198,170 181,872 166,239
Adjustments to reconcile net income to net cash provided by operating activities:      
Early extinguishment of debt 0 0 (42)
Stock-based compensation 642 731 652
Deferred income tax, net 62 630 1,703
Net decrease in other assets 5,413 1,270 18,829
Net (decrease) increase in accrued expenses and other liabilities (1,836) 2,149 (488)
Net cash provided by operating activities 91,796 52,459 165,858
Cash flows from investing activities:      
Additions to premises and equipment (9) (30) (233)
Net cash used in investing activities (4,009) (30) (233)
Cash flows from financing activities:      
Subordinated capital notes 0 0 (34,958)
Exercise of stock options and restricted units lapsed, net (4,368) (1,689) (906)
Purchase of treasury stock (70,324) (18,653) (64,110)
Dividends paid (45,646) (41,011) (30,090)
Net decrease in due to non-bank subsidiary, net 5 3 0
Net cash (used in) provided by financing activities (120,338) (61,353) (130,064)
Net change in cash and cash equivalents (32,551) (8,924) 35,561
Cash and cash equivalents at beginning of year 73,121 82,045 46,484
Cash and cash equivalents at end of year 40,570 73,121 82,045
Bank subsidiary      
Cash flows from operating activities:      
Net income 185,699 170,658 162,236
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in earnings (185,699) (170,658) (162,236)
Dividends from subsidiary 75,000 45,000 140,000
Nonbank subsidiaries      
Cash flows from operating activities:      
Net income 12,661 12,538 8,299
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in earnings (12,661) (12,538) (8,299)
Dividends from subsidiary 12,700 4,000 9,500
Cash flows from investing activities:      
Capital contribution to non-banking subsidiary $ (4,000) $ 0 $ 0
v3.25.0.1
SUBSEQUENT EVENTS (Details) - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 29, 2025
Subsequent Event [Line Items]                
Quarterly common stock cash dividend (in dollars per share)   $ 0.25 $ 0.25 $ 0.22 $ 1.00 $ 0.88 $ 0.70  
Forecast                
Subsequent Event [Line Items]                
Quarterly common stock cash dividend (in dollars per share) $ 0.30              
Subsequent Event                
Subsequent Event [Line Items]                
Percentage Of Increase In Dividend               20.00%