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OPERATING LEASES
 12 Months Ended
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,
202220212020Statement of Operations
Classification
(In thousands)
Lease costs$10,467 $11,417 $13,233 Occupancy and equipment
Variable lease costs1,529 1,881 2,133 Occupancy and equipment
Short-term lease cost565 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,
20222021Statement 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,
20222021
(In thousands)
Weighted-average remaining lease term5.1 years5.6 years
Weighted-average discount rate6.8 %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 
20247,134 
20255,127 
20263,106 
20272,290 
Thereafter5,773 
Total lease payments$32,756 
Less imputed interest5,386 
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.