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Organization, Consolidation and Basis of Presentation | 9 Months Ended
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Sep. 30, 2014
Nature of Operations and Summary of Significanrt Accounting Policies |
Nature Of Operations | NOTE 1 – ORGANIZATION, CONSOLIDATION AND BASIS OF PRESENTATION Nature of Operations OFG Bancorp (t he “Company”) is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. The Company operates through various subsidiaries including, a commercial bank, Oriental Bank (or the “Bank”), a securities broker-dealer, Oriental Financial Services Corp. (“Oriental Fi nancial Services”), an insurance agency, Oriental Insuranc e, Inc. (“Oriental Insurance”) and a retirement plan administrator, Caribbean Pens ion Consultants, Inc. (“CPC”). Through these subsidiaries and their respective divisions, the Company provides a wide range of banking and financial services such as commercial, consume r and mortgage lending, auto loans, financial planning, insurance sales, money management and investment banking and brokerage services, as well as corporate and individual trust services. On April 25, 2013, the Company changed its corporate name from Oriental Financi al Group Inc. to OFG Bancorp. On April 30, 2010, the Bank acquired certain assets and assumed certain deposits and other liabilities of Eurobank, a Puerto Rico commercial bank, in an FDIC-assisted acquisition. On December 18, 2012, the Company acquired a group of Puerto Rico based entities that included Banco Bilbao Vizcaya Argentaria Puerto Rico (“BBVAPR”), a Puerto Rico commercial bank, as well as a securities broker-dealer and an insurance agency, which is referred to herein as the “BBVAPR Acquisition.” The businesses acquired in these acquisitions have been integrated with the C ompany's existing business.
Significant Accounting Policies | Recent Accounting Developments In August 2014, the F inancial A ccounting S tandard B oard (“FASB”) issued a new going concern standard, which requires management to assess at each inte rim and annual reporting period whether substantial doubt exists about the company's ability to continue as a going concern. Substantial doubt exists if it is probable (the same threshold that is used for contingencies) that the company will be unable to meet its obligations as they become due within one year after the date the financial statements are issued or available to be issued (assessment date). Management needs to consider known (and reasonably knowable) events and conditions at the assessment date. For all entities, this standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 201 6, with earlier adoption permitted. T he adoption of this standard will have no material impact on our financial position or results of operations. In August 2014, FASB i ssued new guidance requiring creditors t o classify certain foreclosed, government-guaranteed, mortgage loans as receivables. The receivable is measured at the amount expected to be recovered under the guarantee, which is not treated as a separate unit of account. For public business entities, this guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 201 4, with earlier adoption permitted if the entity already has adopted Accounting Standards Update (“ASU”) 2014-04. An entity shoul d adopt the amendments in this u pdate using either a prospective transition method or a modified retrospective transition method. We are currently evaluating the impact that the adoption of this guidance will h ave on our financial position and results of operations. Other than the accounting pronouncement s disclosed above, there was no other new accounting pronouncement issued during the third quarter of 2014 that could have a material impact on the Company's financial position, operating results or financials statement disclosures.

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- Definition The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6003-108592 + Details
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