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Employee Benefit Plan | 12 Months Ended
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Dec. 31, 2015
Compensation And Retirement Disclosure Abstract |
Pension And Other Postretirement Benefits Disclosure Text Block | NOTE 1 5 — EMPLOYEE BENEFIT PLAN The Company has a profit sharing plan containing a cash or deferred arrangement qualified under Sections 1081.01(a) and 1081.01(d) of the 2011 Code, and Sections 401(a) and 401(k) of the United States Internal Revenue Code of 1986, as amended (the “U.S. Code”). This plan is subject to the provisions of Title I of the Employee Retirement Income Security Act of 1976, as amended (“ERISA”). This plan covers all full-time employees of the Company who are age twenty-one or ol der. Under this plan, participants may contribute each year up to $1 8,0 00. During 2013, the Company changed the matching contribution to 50 cents for each dollar contributed by an employee, up to 4% of such employee’s base salary. The new matching contribu tion is invested in accordance with the employee’s decision between the available investment alternatives provided by the plan. This plan is entitled to acquire and hold qualified employer securities as part of its investment of the trust assets pursuant t o ERISA Section 407. The Company contributed $808,690, $811,513 and $657,504 in cash during 2015, 2014 and 2013, respectively. The Company did not contribute any shares during 2015 and 2014 but contributed 7,318 shares in 2013 of its common stock at a cos t of approximately $110,000. The Company’s contribution becomes 100% vested once the employee completes three years of service. Effective April 1, 2013, the Plan was amended to include a new su bsection which states that all e mployees who were employed by B BVAPR on December 17, 2012 and who became employees of the Company on December 18, 2012 as a result of the BBVAPR Acquisition by OFG Bancorp that was completed on the same date, shall be credited with all periods of service with BBVAPR for all appropriate purposes under the Plan and can participate in the Plan. Also, the Company offers to its senior management a non-qualified deferred compensation plan, where executives can defer taxable income. Both the employer and the employee have flexibility because no n-qualified plans are not subject to ERISA contribution limits nor are they subject to 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. 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.

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