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Restricted Cash | 6 Months Ended
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Jun. 30, 2021
Restricted Cash [Abstract] |
Restricted Cash | NOTE 2 – RESTRICTED CASH The following table includes the composition of OFG’s restricted cash:
| June 30, |  | 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 |  | 199 |  |  | 1,050
| $ | 199 |  | $ | 1,375
As of December 31, 2020, cash of $325 thousand was held as the legal reserve required by the Puerto Rico’s Office of the Commissioner of Financial Institutions (“OCFI”) in connection with an international banking entity (“IBE”) unit license acquired in the Scotiabank Acquisition. This cash was released during the six-month period ended June 30, 2021, as a result of the cancellation of this IBE license. OFG has a contract with FNMA which requires collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At June 30, 2021 and December 31, 2020, OFG delivered as collateral cash amounting to approximately $199 thousand and $1.1 million, respectively. 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 June 30, 2021 was $477.7 million (December 31, 2020 - $408.5 million). At June 30, 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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