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Offsetting of Financial Assets and Liabilities | 3 Months Ended
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Mar. 31, 2021
Offsetting of Financial Assets and Liabilities [Abstract] |
Offsetting of Financial Assets and Liabilities | NOTE 13 – OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES OFG’s derivatives are subject to agreements which allow a right of set-off with each respective counterparty. In addition, OFG’s securities purchased under agreements to resell and 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 liabilities at March 31, 2021 and December 31, 2020:
March 31, 2021
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statement of Financial Condition |  |
|  |  |  |  |  | Net Amount of |  |  |  |  |  |
|  |  |  | Gross Amounts |  | Liabilities |  |  |  |  |  |
|  |  |  | Offset in the |  | Presented |  |  |  |  |  |  |  |  |
|  | Gross Amount |  | Statement of |  | in Statement |  |  |  | Cash |  |
|  | of Recognized |  | Financial |  | of Financial |  | Financial |  | Collateral |  | Net
|  | Liabilities |  | Condition |  | Condition |  | Instruments |  | Provided |  | Amount
|  | (In thousands)
Derivatives |  | $ | 1,465 |  | $ | - |  | $ | 1,465 |  | $ | - |  | $ | - |  | $ | 1,465
Total |  | $ | 1,465 |  | $ | - |  | $ | 1,465 |  | $ | - |  | $ | - |  | $ | 1,465
December 31, 2020
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statement of Financial Condition |  |
|  |  |  |  |  | Net Amount of |  |  |  |  |  |
|  |  |  | Gross Amounts |  | Liabilities |  |  |  |  |  |
|  |  |  | Offset in the |  | Presented |  |  |  |  |  |  |  |  |
|  | Gross Amount |  | Statement of |  | in Statement |  |  |  | Cash |  |
|  | of Recognized |  | Financial |  | of Financial |  | Financial |  | Collateral |  | Net
|  | Liabilities |  | Condition |  | Condition |  | Instruments |  | Provided |  | Amount
|  | (In thousands)
Derivatives |  | $ | 1,712 |  | $ | - |  | $ | 1,712 |  | $ | - |  |  | - |  | $ | 1,712
Total |  | $ | 1,712 |  | $ | - |  | $ | 1,712 |  | $ | - |  | $ | - |  | $ | 1,712

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- Definition Tabular disclosure of derivative and other financial assets and liabilities that are subject to offsetting, including master netting arrangements. + References No definition available. + Details
Name: | ofg_BalanceSheetOffsettingTextBlock
Namespace Prefix: | ofg_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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- References No definition available. + Details
Name: | us-gaap_OffsettingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration