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ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Sep. 30, 2022

Credit Loss [Abstract]

Schedule of Gross Loan and Allowance for Credit Losses

The following tables present the activity in OFG’s allowance for credit losses by segment for the quarters and nine-month periods ended September 30, 2022 and 2021:

			Quarter Ended September 30, 2022
			Commercial						Mortgage						Consumer						Auto and Leasing						Total
			(In thousands)
Non-PCD:
Balance at beginning of period			$	42,014					$	11,906					$	23,109					$	66,867					$	143,896
Provision for (recapture of) credit losses			3,108						(1,741)						4,555						4,325						10,247
Charge-offs			(6,485)						(14)						(4,163)						(7,964)						(18,626)
Recoveries			214						280						732						5,674						6,900
Balance at end of period			$	38,851					$	10,431					$	24,233					$	68,902					$	142,417
PCD:
Balance at beginning of period			$	2,427					$	12,541					$	20					$	155					$	15,143
(Recapture of) provision for credit losses			(786)						(1,735)						(40)						(216)						(2,777)
Charge-offs			(23)						(270)						(9)						(56)						(358)
Recoveries			268						191						47						231						737
Balance at end of period			$	1,886					$	10,727					$	18					$	114					$	12,745
Total allowance for credit losses at end of period			$	40,737					$	21,158					$	24,251					$	69,016					$	155,162
			Nine-Month Period Ended September 30, 2022
			Commercial						Mortgage						Consumer						Auto and Leasing						Total
			(In thousands)
Non-PCD:
Balance at beginning of period			$	32,262					$	15,299					$	19,141					$	65,363					$	132,065
Provision for (recapture of) credit losses			15,663						(7,281)						13,039						9,691						31,112
Charge-offs			(9,936)						(276)						(10,129)						(22,282)						(42,623)
Recoveries			862						2,689						2,182						16,130						21,863
Balance at end of period			$	38,851					$	10,431					$	24,233					$	68,902					$	142,417
PCD:
Balance at beginning of period			$	4,508					$	19,018					$	34					$	312					$	23,872
Recapture of credit losses			(6,105)						(8,766)						(43)						(506)						(15,420)
Charge-offs			(57)						(1,587)						(56)						(245)						(1,945)
Recoveries			3,540						2,062						83						553						6,238
Balance at end of period			$	1,886					$	10,727					$	18					$	114					$	12,745
Total allowance for credit losses at end of period			$	40,737					$	21,158					$	24,251					$	69,016					$	155,162

			Quarter Ended September 30, 2021
			Commercial						Mortgage						Consumer						Auto and Leasing						Total
			(In thousands)
Non-PCD:
Balance at beginning of period			$	43,523					$	16,368					$	19,065					$	69,358					$	148,314
(Recapture of) provision for credit losses			(3,323)						240						259						676						(2,148)
Charge-offs			(7,518)						(160)						(2,370)						(4,989)						(15,037)
Recoveries			558						419						894						5,874						7,745
Balance at end of period			$	33,240					$	16,867					$	17,848					$	70,919					$	138,874
PCD:
Balance at beginning of period			$	12,756					$	30,108					$	38					$	501					$	43,403
(Recapture of) provision for credit losses			(2,838)						649						(220)						(237)						(2,646)
Charge-offs			(68)						(1,008)						—						(124)						(1,200)
Recoveries			1,316						641						219						265						2,441
Balance at end of period			$	11,166					$	30,390					$	37					$	405					$	41,998
Total allowance for credit losses at end of period			$	44,406					$	47,257					$	17,885					$	71,324					$	180,872
			Nine-Month Period Ended September 30, 2021
			Commercial						Mortgage						Consumer						Auto and Leasing						Total
			(In thousands)
Non-PCD:
Balance at beginning of period			$	45,779					$	19,687					$	25,253					$	70,296					$	161,015
(Recapture of) provision for credit losses			(6,284)						(2,831)						174						2,177						(6,764)
Charge-offs			(8,238)						(1,216)						(9,736)						(19,242)						(38,432)
Recoveries			1,983						1,227						2,157						17,688						23,055
Balance at end of period			$	33,240					$	16,867					$	17,848					$	70,919					$	138,874
PCD:
Balance at beginning of period			$	16,405					$	26,389					$	57					$	943					$	43,794
(Recapture of) provision for credit losses			(7,304)						8,370						(272)						(694)						100
Charge-offs			(118)						(5,340)						(22)						(806)						(6,286)
Recoveries			2,183						971						274						962						4,390
Balance at end of period			$	11,166					$	30,390					$	37					$	405					$	41,998
Total allowance for credit losses at end of period			$	44,406					$	47,257					$	17,885					$	71,324					$	180,872

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

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X

- References

No definition available.

+ Details

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