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Business Segments
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
OFG segregates its businesses into the following major reportable segments of business: Banking, Wealth Management, and Treasury. Management established the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. Other factors such as OFG’s organization, nature of its products, distribution channels and economic characteristics of the products were also considered in the determination of the reportable segments. OFG measures the performance of these reportable segments based on pre-established goals of different financial parameters such as net income, net interest income, loan production, and fees generated. OFG’s methodology for allocating non-interest expenses among segments is based on several factors such as revenue, employee headcount, occupied space, dedicated services or time, among others. These factors are reviewed on a periodical basis and may change if the conditions warrant.

Banking includes the Bank’s branches and traditional banking products such as deposits and commercial, consumer and mortgage loans. Mortgage banking activities are carried out by the Bank’s mortgage banking division, whose principal activity is to originate mortgage loans for OFG’s own portfolio. As part of its mortgage banking activities, OFG may sell loans directly into the secondary market or securitize conforming loans into mortgage-backed securities.
Wealth Management is comprised of the Bank’s trust division, Oriental Financial Services, Oriental Insurance, OPC and OFG Reinsurance. The core operations of this segment are financial planning, money management and investment banking, brokerage services, investment advisory services, insurance, corporate and individual trust and retirement services, as well as retirement plan administration services.

The Treasury segment encompasses all of OFG’s asset/liability management activities, such as purchases and sales of investment securities, interest rate risk management, derivatives, and borrowings. Intersegment sales and transfers, if any, are accounted for as if the sales or transfers were to third parties, that is, at current market prices.
Following are the results of operations and the selected financial information by operating segment for the years ended December 31, 2021, 2020 and 2019:
Year Ended December 31, 2021
BankingWealth
Management		TreasuryTotal Major
Segments		EliminationsConsolidated
Total
(In thousands)
Interest income$435,530 $30 $13,639 $449,199 $— $449,199 
Interest expense(39,889)— (1,940)(41,829)— (41,829)
Net interest income395,641 30 11,699 407,370 — 407,370 
Provision (recapture) for credit losses1,342 — (1,121)221 — 221 
Non-interest income (loss)98,950 35,625 (1,365)133,210 — 133,210 
Non-interest expenses(300,568)(20,941)(4,247)(325,756)— (325,756)
Intersegment revenue2,355 — — 2,355 (2,355)— 
Intersegment expenses— (1,269)(1,086)(2,355)2,355 — 
Income before income taxes$195,036 $13,445 $6,122 $214,603 $— $214,603 
Income tax expense68,409 — 43 68,452 — 68,452 
Net income$126,627 $13,445 $6,079 $146,151 $— $146,151 
Total assets$8,041,725 $32,082 $2,894,612 $10,968,419 $(1,068,699)$9,899,720 
Year Ended December 31, 2020
BankingWealth
Management		TreasuryTotal Major
Segments		EliminationsConsolidated
Total
(In thousands)
Interest income$462,493 $59 $10,795 $473,347 $— $473,347 
Interest expense(57,811)— (7,104)(64,915)— (64,915)
Net interest income404,682 59 3,691 408,432 — 408,432 
Provision for credit losses92,237 — 435 92,672 — 92,672 
Non-interest income87,810 32,043 4,499 124,352 — 124,352 
Non-interest expenses(320,997)(20,240)(4,049)(345,286)— (345,286)
Intersegment revenue2,443 — — 2,443 (2,443)— 
Intersegment expenses— (1,164)(1,279)(2,443)2,443 — 
Income before income taxes$81,701 $10,698 $2,427 $94,826 $— $94,826 
Income tax expense15,939 4,506 54 20,499 — 20,499 
Net income$65,762 $6,192 $2,373 $74,327 $— $74,327 
Total assets$8,478,326 $32,893 $2,436,029 $10,947,248 $(1,121,237)$9,826,011 
Year Ended December 31, 2019
BankingWealth
Management		TreasuryTotal Major
Segments		EliminationsConsolidated
Total
(In thousands)
Interest income$337,448 $69 $36,278 $373,795 $— $373,795 
Interest expense(36,023)— (14,979)(51,002)— (51,002)
Net interest income301,425 69 21,299 322,793 — 322,793 
Provision for loan and lease losses96,504 — 288 96,792 — 96,792 
Non-interest income47,517 26,649 8,327 82,493 — 82,493 
Non-interest expenses(211,755)(17,163)(4,326)(233,244)— (233,244)
Intersegment revenue2,207 — — 2,207 (2,207)— 
Intersegment expenses— (652)(1,555)(2,207)2,207 — 
Income before income taxes$42,890 $8,903 $23,457 $75,250 $— $75,250 
Income tax expense16,084 3,339 1,986 21,409 — 21,409 
Net income$26,806 $5,564 $21,471 $53,841 $— $53,841 
Total assets$7,486,314 $33,369 $2,865,186 $10,384,869 $(1,087,208)$9,297,661