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v3.22.1

INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investment Securities | The amortized cost, gross unrealized gains and losses, fair value, weighted average yield and contractual maturities of the securities owned by OFG at March 31, 2022 and December 31, 2021 were as follows:
| March 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Available-for-sale |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 2,020 |  |  | — |  |  | 5 |  |  | $ | 2,015 |  |  | 2.13 | %
Due from 5 to 10 years | $ | 82,101 |  |  | $ | 2 |  |  | $ | 1,168 |  |  | $ | 80,935 |  |  | 1.94 | %
Due after 10 years | 490,169 |  |  | — |  |  | 14,229 |  |  | $ | 475,940 |  |  | 2.25 | %
Total FNMA and FHLMC certificates | 574,290 |  |  | 2 |  |  | 15,402 |  |  | 558,890 |  |  | 2.21 | %
GNMA Securities |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 16,836 |  |  | — |  |  | 146 |  |  | 16,690 |  |  | 1.63 | %
Due from 5 to 10 years | 16,470 |  |  | — |  |  | 327 |  |  | 16,143 |  |  | 1.88 | %
Due after 10 years | 261,712 |  |  | 872 |  |  | 8,221 |  |  | 254,363 |  |  | 2.40 | %
Total GNMA certificates | 295,018 |  |  | 872 |  |  | 8,694 |  |  | 287,196 |  |  | 2.32 | %
CMOs issued by US government-sponsored agencies |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 1,523 |  |  | — |  |  | 24 |  |  | 1,499 |  |  | 1.70 | %
Due from 5 to 10 years | 18,584 |  |  | — |  |  | 300 |  |  | 18,284 |  |  | 1.80 | %
Due after 10 years | 1,325 |  |  | 1 |  |  | 4 |  |  | 1,322 |  |  | 4.53 | %
Total CMOs issued by US government-sponsored agencies | 21,432 |  |  | 1 |  |  | 328 |  |  | 21,105 |  |  | 1.96 | %
Total mortgage-backed securities | 890,740 |  |  | 875 |  |  | 24,424 |  |  | 867,191 |  |  | 2.24 | %
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 10,735 |  |  | 28 |  |  | — |  |  | 10,763 |  |  | 1.49 | %
Total US Treasury Securities | 10,735 |  |  | 28 |  |  | — |  |  | 10,763 |  |  | 1.49 | %
Other debt securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 500 |  |  | — |  |  | — |  |  | 500 |  |  | 0.57 | %
Due from 1 to 5 years | 1,823 |  |  | 61 |  |  | — |  |  | 1,884 |  |  | 5.46 | %
Total Other debt securities | 2,323 |  |  | 61 |  |  | — |  |  | 2,384 |  |  | 4.41 | %
Total investment securities | 13,058 |  |  | 89 |  |  | — |  |  | 13,147 |  |  | 2.01 | %
Total securities available for sale | $ | 903,798 |  |  | $ | 964 |  |  | $ | 24,424 |  |  | $ | 880,338 |  |  | 2.24 | %
| March 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Held-to-maturity |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due after 10 years | $ | 359,806 |  |  | $ | — |  |  | $ | 29,837 |  |  | $ | 329,969 |  |  | 1.71 | %
| December 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Available-for-sale |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due from 5 to 10 years | 90,560 |  |  | 2,502 |  |  | — |  |  | 93,062 |  |  | 1.94 | %
Due after 10 years | 93,440 |  |  | — |  |  | 3,200 |  |  | 90,240 |  |  | 1.37 | %
Total FNMA and FHLMC certificates | 184,000 |  |  | 2,502 |  |  | 3,200 |  |  | 183,302 |  |  | 1.65 | %
GNMA Securities |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 10,536 |  |  | 233 |  |  | 1 |  |  | 10,768 |  |  | 1.66 | %
Due from 5 to 10 years | 26,419 |  |  | 556 |  |  | — |  |  | 26,975 |  |  | 1.80 | %
Due after 10 years | 244,106 |  |  | 6,927 |  |  | 198 |  |  | 250,835 |  |  | 2.40 | %
Total GNMA certificates | 281,061 |  |  | 7,716 |  |  | 199 |  |  | 288,578 |  |  | 2.32 | %
CMOs issued by US government-sponsored agencies |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 1,788 |  |  | 22 |  |  | — |  |  | 1,810 |  |  | 1.70 | %
Due from 5 to 10 years | 20,705 |  |  | 299 |  |  | — |  |  | 21,004 |  |  | 1.81 | %
Due after 10 years | 1,601 |  |  | 16 |  |  | 1 |  |  | 1,616 |  |  | 4.24 | %
Total CMOs issued by US government-sponsored agencies | 24,094 |  |  | 337 |  |  | 1 |  |  | 24,430 |  |  | 1.96 | %
Total mortgage-backed securities | 489,155 |  |  | 10,555 |  |  | 3,400 |  |  | 496,310 |  |  | 2.05 | %
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 10,737 |  |  | 88 |  |  | — |  |  | 10,825 |  |  | 1.48 | %
Total US Treasury Securities | 10,737 |  |  | 88 |  |  | — |  |  | 10,825 |  |  | 1.48 | %
Obligations of US government-sponsored agencies |  |  |  |  |  |  |  |  |
Due less than 1 year | 1,182 |  |  | 1 |  |  | — |  |  | 1,183 |  |  | 1.40 | %
Total Obligations of US government-sponsored agencies | 1,182 |  |  | 1 |  |  | — |  |  | 1,183 |  |  | 1.40 | %
Other debt securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 500 |  |  | — |  |  | — |  |  | 500 |  |  | 0.57 | %
Due from 1 to 5 years | 1,847 |  |  | 48 |  |  | — |  |  | 1,895 |  |  | 5.43 | %
Total Other debt securities | 2,347 |  |  | 48 |  |  | — |  |  | 2,395 |  |  | 4.39 | %
Total investment securities | 14,266 |  |  | 137 |  |  | — |  |  | 14,403 |  |  | 1.95 | %
Total securities available for sale | $ | 503,421 |  |  | $ | 10,692 |  |  | $ | 3,400 |  |  | $ | 510,713 |  |  | 2.05 | %
| December 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Held-to-maturity |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due after 10 years | 367,507 |  |  | — |  |  | 3,854 |  |  | 363,653 |  |  | 1.71 | %
Schedule of Unrealized Gains and Losses by Category | The following table show OFG’s gross unrealized losses and fair value of investment securities available-for-sale and held-to-maturity at March 31, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
| March 31, 2022
| 12 months or more
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
FNMA and FHLMC certificates | 91,258 |  |  | 9,884 |  |  | 81,374 |
GNMA certificates | 4,237 |  |  | 256 |  |  | 3,981 |
| $ | 95,495 |  |  | $ | 10,140 |  |  | $ | 85,355 |
| March 31, 2022
| Less than 12 months
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
CMOs issued by US Government-sponsored agencies | 20,744 |  |  | 328 |  |  | 20,416 |
FNMA and FHLMC certificates | 481,614 |  |  | 5,518 |  |  | 476,096 |
GNMA certificates | 273,405 |  |  | 8,438 |  |  | 264,967 |
| $ | 775,763 |  |  | $ | 14,284 |  |  | $ | 761,479 |
Held-to-maturity |  |  |  |  |
FNMA and FHLMC certificates | $ | 359,806 |  |  | $ | 29,837 |  |  | $ | 329,969 |
| March 31, 2022
| Total
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
CMOs issued by US Government-sponsored agencies | 20,744 |  |  | 328 |  |  | 20,416 |
FNMA and FHLMC certificates | 572,872 |  |  | 15,402 |  |  | 557,470 |
GNMA certificates | 277,642 |  |  | 8,694 |  |  | 268,948 |
| $ | 871,258 |  |  | $ | 24,424 |  |  | $ | 846,834 |
Held-to-maturity |  |  |  |  |
FNMA and FHLMC certificates | $ | 359,806 |  |  | $ | 29,837 |  |  | $ | 329,969 |
| December 31, 2021
| Less than 12 months
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
CMOs issued by US Government-sponsored agencies | 500 |  |  | 1 |  |  | 499 |
FNMA and FHLMC certificates | 93,440 |  |  | 3,200 |  |  | 90,240 |
GNMA certificates | 5,022 |  |  | 199 |  |  | 4,823 |
| $ | 98,962 |  |  | $ | 3,400 |  |  | $ | 95,562 |
Held-to-maturity |  |  |  |  |
FNMA and FHLMC certificates | $ | 367,507 |  |  | $ | 3,854 |  |  | $ | 363,653 |

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