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Borrowings and Related Interest

9 Months Ended

Sep. 30, 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 September 30, 2021 and December 31, 2020, these advances were secured by mortgage and commercial loans amounting to $762.9 million and $1.159 billion, respectively. Also, at September 30, 2021 and December 31, 2020, OFG had an additional borrowing capacity with the FHLB-NY of $700 million and $814 million, respectively. At September 30, 2021 and December 31, 2020, the weighted average remaining maturity of FHLB’s advances was 13.4 months and 18.2 months, respectively. The original terms of these advances range between one day and seven years, and the FHLB-NY does not have the right to exercise put options at par on any advances outstanding as of September 30, 2021.

The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $91 thousand and $96 thousand at September 30, 2021 and December 31, 2020, respectively:

		September 30,			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%)		$	28,933		$	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% )			33,535			35,206
		$	62,468		$	65,465

Advances from FHLB mature as follows:

		September 30,			December 31,
			2021			2020
		(In thousands)
Under 90 days		$	28,933		$	30,259
Over one to three years			29,396			30,972
Over three to five years			4,139			4,234
		$	62,468		$	65,465

Subordinated Capital Notes

Subordinated capital notes amounted to $36.1 million at September 30, 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

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