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Operating Leases | 6 Months Ended
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Jun. 30, 2021
Operating Leases [Abstract] |
Operating Leases | NOTE 21— OPERATING LEASES Substantially all leases in which OFG is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2038. OFG’s leases do not contain residual value guarantees or variable lease payments. All leases are classified as operating leases and are included on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. OFG leases to others certain space in its principal offices for terms extending through 2023; all are operating leases. Operating Lease Cost
| Quarter Ended June 30, |  | Six-Month Period Ended June 30, |  |
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | Statement of Operations Classification
| (In thousands) |  |
Lease costs | $ | 2,851 |  | $ | 3,550 |  | $ | 6,224 |  | $ | 6,888 |  | Occupancy and equipment
Variable lease costs |  | 495 |  |  | 583 |  |  | 988 |  |  | 1,171 |  | Occupancy and equipment
Short-term lease cost |  | 126 |  |  | 185 |  |  | 146 |  |  | 28 |  | Occupancy and equipment
Lease income |  | (112) |  |  | (125) |  |  | (232) |  |  | (248) |  | Occupancy and equipment
Total lease cost | $ | 3,360 |  | $ | 4,193 |  | $ | 7,126 |  | $ | 7,839 |  |
Operating Lease Assets and Liabilities
|  | June 30, |  | December 31 |  |
|  | 2021 |  | 2020 |  | Statement of Financial Condition Classification
|  | (In thousands) |  |
Right-of-use assets |  | $ | 32,621 |  | $ | 31,383 |  | Operating lease right-of-use assets
Lease Liabilities |  | $ | 34,052 |  | $ | 32,566 |  | Operating leases liabilities
| June 30, 2021
| (In thousands)
Weighted-average remaining lease term |  | 5.6 years
Weighted-average discount rate |  | 6.6%
Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2021 were as follows:
| Minimum Rent
Year Ending December 31, | (In thousands)
2021 | $ | 9,959
2022 |  | 9,273
2023 |  | 8,197
2024 |  | 6,100
2025 |  | 4,417
Thereafter |  | 10,264
Total lease payments | $ | 48,210
Less imputed interest |  | 14,158
Present value of lease liabilities | $ | 34,052
OFG, as lessor, leases and subleases real property to lessee tenants under operating leases. As of June 30, 2021, no material lease concessions have been granted to lessees. OFG, as lessee, also leases real estate property for branch locations, ATM locations, and office space. As of June 30, 2021, OFG has not requested any lease concessions. During the year ended December 31, 2020, OFG decided to consolidate several branches as a result of the Scotiabank Acquisition and modified certain lease contracts. These contracts were evaluated under Topic 842 lease modification guidance and removed from books, as they were considered short-term at December 31, 2020.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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