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OPERATING LEASES | 12 Months Ended
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Dec. 31, 2022
Lessee Disclosure [Abstract] |
OPERATING LEASES | OPERATING LEASES Substantially all leases in which OFG is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2038. OFG’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases and are included on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. OFG leases to others certain space in its principal offices for terms extending through 2024; all are operating leases. Operating Lease Cost
|  |  | Year Ended December 31, |  |
|  |  |  |  | 2022 |  | 2021 |  | 2020 |  | Statement of Operations Classification
|  |  |  | (In thousands) |  |
Lease costs |  |  |  |  | $ | 10,467 |  |  | $ | 11,417 |  |  | $ | 13,233 |  |  | Occupancy and equipment
Variable lease costs |  |  |  |  | 1,529 |  |  | 1,881 |  |  | 2,133 |  |  | Occupancy and equipment
Short-term lease cost |  |  |  |  | 565 |  |  | 859 |  |  | 800 |  |  | Occupancy and equipment
Lease income |  |  |  |  | (226) |  |  | (442) |  |  | (499) |  |  | Occupancy and equipment
Total lease cost |  |  |  |  | $ | 12,335 |  |  | $ | 13,715 |  |  | $ | 15,667 |  |  |
Operating Lease Assets and Liabilities
| December 31, |  |
| 2022 |  | 2021 |  | Statement of Financial Condition Classification
| (In thousands) |  |
Right-of-use assets | $ | 25,363 |  |  | $ | 28,846 |  |  | Operating lease right-of-use assets
Lease Liabilities | $ | 27,370 |  |  | $ | 30,498 |  |  | Operating leases liabilities
| December 31,
| 2022 |  | 2021
| (In thousands) |  |
Weighted-average remaining lease term | 5.1 years |  | 5.6 years
Weighted-average discount rate | 6.8 | % |  | 6.6 | %
Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2022 were as follows:
| Minimum Rent
As of December 31, 2022 | (In thousands)
2023 | $ | 9,326 |
2024 | 7,134 |
2025 | 5,127 |
2026 | 3,106 |
2027 | 2,290 |
Thereafter | 5,773 |
Total lease payments | $ | 32,756 |
Less imputed interest | 5,386 |
Present value of lease liabilities | $ | 27,370 |
OFG, as lessor, leases and subleases real property to lessee tenants under operating leases. As of December 31, 2022, no material lease concessions have been granted to lessees. As of December 31, 2022, OFG, as lessee, has not requested any lease concessions.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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