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RESTRICTED CASH | 12 Months Ended
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Dec. 31, 2022
Restricted Cash and Investments [Abstract] |
RESTRICTED CASH | RESTRICTED CASH OFG has a contract with FNMA which requires collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At December 31, 2022 and 2021, OFG delivered as collateral cash amounting to approximately $157 thousand and $175 thousand, respectively. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits. The amount of those minimum average reserve balances for the week that covered December 31, 2022 was $482.9 million (December 31, 2021 - $456.5 million). At December 31, 2022 and 2021, the Bank complied with this requirement. Cash and due from bank, as well as other short-term highly liquid securities, are used to cover the required average reserve balances.

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- Definition The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. + References No definition available. + Details
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