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BUSINESS SEGMENTS
 3 Months Ended
Mar. 31, 2022
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, OFG Reinsurance and OPC. 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 quarters ended March 31, 2022 and 2021:
Quarter Ended March 31, 2022
BankingWealth
Management		TreasuryTotal Major
Segments		EliminationsConsolidated
Total
(In thousands)
Interest income$108,483 $5 $4,461 $112,949 $— $112,949 
Interest expense(7,532)— (223)(7,755)— (7,755)
Net interest income100,951 5 4,238 105,194 — 105,194 
Provision (recapture of) for credit losses1,710 — (159)1,551 — 1,551 
Non-interest income 23,550 8,006 50 31,606 — 31,606 
Non-interest expenses(75,916)(4,585)(654)(81,155)— (81,155)
Intersegment revenue489 — — 489 (489)— 
Intersegment expenses— (343)(146)(489)489 — 
Income before income taxes47,364 3,083 3,647 54,094 — 54,094 
Income tax expense16,564 — 9 16,573 — 16,573 
Net income$30,800 $3,083 $3,638 $37,521 $— $37,521 
Total assets$8,176,217 $24,695 $3,036,638 $11,237,550 $(1,047,430)$10,190,120 
Quarter Ended March 31, 2021
BankingWealth
Management		TreasuryTotal Major
Segments		EliminationsConsolidated
Total
(In thousands)
Interest income$108,230 $12 $2,734 $110,976 $— $110,976 
Interest expense(12,136)— (642)(12,778)— (12,778)
Net interest income96,094 12 2,092 98,198 — 98,198 
Provision (recapture of) for credit losses6,588 — (264)6,324 — 6,324 
Non-interest income22,873 7,531 9 30,413 — 30,413 
Non-interest expenses(73,874)(2,829)(963)(77,666)— (77,666)
Intersegment revenue553 — — 553 (553)— 
Intersegment expenses— (291)(262)(553)553 — 
Income before income taxes39,058 4,423 1,140 44,621 — 44,621 
Income tax expense14,236 — 12 14,248 — 14,248 
Net income$24,822 $4,423 $1,128 $30,373 $— $30,373 
Total assets$8,312,367 $28,505 $2,849,709 $11,190,581 $(1,037,239)$10,153,342