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SIGNIFICANT EVENTS | 9 Months Ended
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Sep. 30, 2022
Accounting Policies [Abstract] |
SIGNIFICANT EVENTS | SIGNIFICANT EVENTS Hurricane Fiona During the quarter ended September 30, 2022, OFG was impacted by the effects of Hurricane Fiona, which made landfall in southwestern Puerto Rico on September 18, 2022. Hurricane Fiona caused, among other things, power outages, widespread flooding, water and communication services interruptions, property damage in some areas of the island, and disrupted economic activity throughout Puerto Rico. Almost all of OFG’s operations and clients are located in Puerto Rico. Although OFG's business operations were temporarily disrupted by the damages to Puerto Rico’s critical infrastructure, mainly to its electric power grid, OFG’s digital channels, core banking and electronic funds transfer systems continued to function uninterrupted during and after the hurricane. Within days after Hurricane Fiona, OFG was able to open its main offices and many of its branches and ATMs in addition to its digital and phone trade channels. Climate Events Expenses OFG implemented its disaster response plan as the hurricane approached its service areas. To operate in disaster response mode and provide assistance to employees and the communities it serves, OFG incurred expenses amounting to $1.4 million. Allowance for Credit Losses As a result of this event, and based on current assessments of information available for the impact of the hurricane on our credit portfolio, third quarter 2022 results included an additional $6.9 million in loan loss provision, pre-tax. As OFG acquires additional information on overall economic prospects in the affected areas, together with further assessments of the impact on individual borrowers, the loss estimate will be further revised as needed.

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