XML 44 R34.htm IDEA: XBRL DOCUMENT
v3.22.2.2

INVESTMENT SECURITIES (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 2022 and December 31, 2021 were as follows:
| September 30, 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 | $ | 11,109 |  |  | $ | — |  |  | $ | 568 |  |  | $ | 10,541 |  |  | 1.76 | %
Due from 5 to 10 years | 62,947 |  |  | — |  |  | 4,686 |  |  | 58,261 |  |  | 2.00 | %
Due after 10 years | 772,928 |  |  | — |  |  | 74,119 |  |  | 698,809 |  |  | 2.82 | %
Total FNMA and FHLMC certificates | 846,984 |  |  | — |  |  | 79,373 |  |  | 767,611 |  |  | 2.75 | %
GNMA Securities |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 13,916 |  |  | — |  |  | 863 |  |  | 13,053 |  |  | 1.65 | %
Due from 5 to 10 years | 25,877 |  |  | 19 |  |  | 1,949 |  |  | 23,947 |  |  | 2.06 | %
Due after 10 years | 292,795 |  |  | 50 |  |  | 38,117 |  |  | 254,728 |  |  | 2.66 | %
Total GNMA certificates | 332,588 |  |  | 69 |  |  | 40,929 |  |  | 291,728 |  |  | 2.57 | %
CMOs issued by US government-sponsored agencies |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 15,602 |  |  | — |  |  | 727 |  |  | 14,875 |  |  | 1.78 | %
Due from 5 to 10 years | 660 |  |  | — |  |  | 12 |  |  | 648 |  |  | 2.14 | %
Due after 10 years | 992 |  |  | — |  |  | 16 |  |  | 976 |  |  | 5.06 | %
Total CMOs issued by US government-sponsored agencies | 17,254 |  |  | — |  |  | 755 |  |  | 16,499 |  |  | 1.98 | %
Total mortgage-backed securities | 1,196,826 |  |  | 69 |  |  | 121,057 |  |  | 1,075,838 |  |  | 2.69 | %
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 402,678 |  |  | — |  |  | 1,264 |  |  | 401,414 |  |  | 3.15 | %
Other debt securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 500 |  |  | — |  |  | — |  |  | 500 |  |  | 0.57 | %
Due from 1 to 5 years | 647 |  |  | 23 |  |  | 13 |  |  | 657 |  |  | 5.31 | %
Total other debt securities | 1,147 |  |  | 23 |  |  | 13 |  |  | 1,157 |  |  | 3.24 | %
Total investment securities | 403,825 |  |  | 23 |  |  | 1,277 |  |  | 402,571 |  |  | 3.15 | %
Total securities available for sale | $ | 1,600,651 |  |  | $ | 92 |  |  | $ | 122,334 |  |  | $ | 1,478,409 |  |  | 2.80 | %
| September 30, 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 | $ | 343,549 |  |  | $ | — |  |  | $ | 66,089 |  |  | $ | 277,460 |  |  | 1.70 | %
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 197,225 |  |  | — |  |  | 2,967 |  |  | 194,258 |  |  | 3.36 | %
Total securities held-to-maturity | $ | 540,774 |  |  | $ | — |  |  | $ | 69,056 |  |  | $ | 471,718 |  |  | 2.30 | %
| 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 | %
Obligations of US government-sponsored agencies |  |  |  |  |  |  |  |  |
Due less than 1 year | 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 shows OFG’s gross unrealized losses and fair value of investment securities available-for-sale and held-to-maturity at September 30, 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:
| September 30, 2022
| 12 months or more
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
FNMA and FHLMC certificates | $ | 87,852 |  |  | $ | 20,025 |  |  | $ | 67,827 |
GNMA certificates | 567 |  |  | 99 |  |  | 468 |
| $ | 88,419 |  |  | $ | 20,124 |  |  | $ | 68,295 |
Held-to-maturity |  |  |  |  |
FNMA and FHLMC certificates | $ | 289,148 |  |  | $ | 56,444 |  |  | $ | 232,704 |
| September 30, 2022
| Less than 12 months
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
CMOs issued by US Government-sponsored agencies | $ | 17,254 |  |  | $ | 755 |  |  | $ | 16,499 |
FNMA and FHLMC certificates | 759,122 |  |  | 59,348 |  |  | 699,774 |
GNMA certificates | 330,091 |  |  | 40,830 |  |  | 289,261 |
US Treasury securities | 402,678 |  |  | 1,264 |  |  | 401,414 |
Other debt securities | 271 |  |  | 13 |  |  | 258 |
| $ | 1,509,416 |  |  | $ | 102,210 |  |  | $ | 1,407,206 |
Held-to-maturity |  |  |  |  |
FNMA and FHLMC certificates | $ | 54,401 |  |  | $ | 9,645 |  |  | $ | 44,756 |
US Treasury securities | 197,225 |  |  | 2,967 |  |  | 194,258 |
| $ | 251,626 |  |  | $ | 12,612 |  |  | $ | 239,014 |
| September 30, 2022
| Total
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
CMOs issued by US Government-sponsored agencies | $ | 17,254 |  |  | $ | 755 |  |  | $ | 16,499 |
FNMA and FHLMC certificates | 846,974 |  |  | 79,373 |  |  | 767,601 |
GNMA certificates | 330,658 |  |  | 40,929 |  |  | 289,729 |
US Treasury securities | 402,678 |  |  | 1,264 |  |  | 401,414 |
Other debt securities | 271 |  |  | 13 |  |  | 258 |
| $ | 1,597,835 |  |  | $ | 122,334 |  |  | $ | 1,475,501 |
Held-to-maturity |  |  |  |  |
FNMA and FHLMC certificates | $ | 343,549 |  |  | $ | 66,089 |  |  | $ | 277,460 |
US Treasury securities | 197,225 |  |  | 2,967 |  |  | 194,258 |
| $ | 540,774 |  |  | $ | 69,056 |  |  | $ | 471,718 |
| 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 |

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration