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Restricted Cash | 3 Months Ended
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Mar. 31, 2021
Restricted Cash [Abstract] |
Restricted Cash | NOTE 2 – RESTRICTED CASH The following table includes the composition of OFG’s restricted cash:
| March 31, |  | December 31,
| 2021 |  | 2020
| (In thousands)
Cash pledged as collateral to other financial institutions to secure: |  |  |  |  |
Regulatory requirements | $ | - |  | $ | 325
Obligations under agreement of loans sold with recourse |  | 1,050 |  |  | 1,050
| $ | 1,050 |  | $ | 1,375
At both March 31, 2021 and December 31, 2020, the Bank’s international banking entities held short-term highly liquid securities in the amount of $305 thousand and $325 thousand as the legal reserve required for international banking entities under Puerto Rico law. In addition, as part of the Scotiabank PR & USVI acquisition on December 31, 2020, cash of $325 thousand was held for the acquired international banking entity that was retained as part of the integration. These instruments cannot be withdrawn or transferred without the prior written approval of the OCFI. OFG has a contract with FNMA which requires collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At both, March 31, 2021 and December 31, 2020, OFG delivered as collateral cash amounting to approximately $1.1 million. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits. The amount of those minimum average reserve balances for the week that covered March 31, 2021 was $441.5 million (December 31, 2020 - $408.5 million). At March 31, 2021 and December 31, 2020, the Bank complied with this requirement. Cash and due from bank as well as other short-term, highly liquid securities, are used to cover the required average reserve balances.

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