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INVESTMENT SECURITIES (Tables)

3 Months Ended

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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