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Borrowings and Related Interest | 3 Months Ended
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Mar. 31, 2021
Borrowings and Related Interest [Abstract] |
Borrowings and Related Interest | NOTE 12— 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 a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At March 31, 2021 and December 31, 2020, these advances were secured by mortgage and commercial loans amounting to $1.117 billion and $1.159 billion, respectively. Also, at March 31, 2021 and December 31, 2020, OFG had an additional borrowing capacity with the FHLB-NY of $786 million and $814 million, respectively. At March 31, 2021 and December 31, 2020, the weighted average remaining maturity of FHLB’s advances was 16.6 months and 18.2 months, respectively. The original terms of these advances range between one day and five years, and the FHLB-NY does not have the right to exercise put options at par on any advances outstanding as of March 31, 2021. The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $95 thousand and $96 thousand at March 31, 2021 and December 31, 2020, respectively:
|  | March 31, |  | December 31,
|  |  | 2021 |  |  | 2020
|  |  | (In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 0.35% (December 31, 2020 - 0.34%) |  | $ | 29,822 |  | $ | 30,259
Long-term fixed-rate advances from FHLB, with a weighted average interest rate from 2.92% to 3.24% (December 31, 2020 - from 2.92% to 3.24% ) |  |  | 34,653 |  |  | 35,206
|  | $ | 64,475 |  | $ | 65,465
Advances from FHLB mature as follows:
|  | March 31, |  | December 31,
|  |  | 2021 |  |  | 2020
|  | (In thousands)
Under 90 days |  | $ | 29,822 |  | $ | 30,259
Over one to three years |  |  | 30,450 |  |  | 30,972
Over three to five years |  |  | 4,203 |  |  | 4,234
|  | $ | 64,475 |  | $ | 65,465
All of the advances referred to above with maturity dates up to the date of this report were renewed as one-month short-term advances. Subordinated Capital Notes Subordinated capital notes amounted to $36.1 million at March 31, 2021 and December 31, 2020.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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