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Offsetting of Financial Assets and Liabilities

9 Months Ended

Sep. 30, 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 September 30, 2021 and December 31, 2020:

September 30, 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		$	1,136		$	-		$	1,136		$	-		$	-		$	1,136
Total		$	1,136		$	-		$	1,136		$	-		$	-		$	1,136
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

X

- 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

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Namespace Prefix:	ofg_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_OffsettingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration