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GUARANTEES (Tables)

12 Months Ended

Dec. 31, 2022

Guarantees [Abstract]

Schedule of Changes in Liability of Estimated Loss from Credit Recourse Agreement

The following table shows the changes in OFG’s liability for estimated losses from these credit recourse agreements, included in the consolidated statements of financial condition during 2022, 2021 and 2020:

						Year Ended December 31,
												2022						2021						2020
												(In thousands)
Balance at beginning of year												$	294					$	218					$	985
Net recoveries (charge-offs/terminations)												(147)						76						(767)
Balance at end of year												$	147					$	294					$	218

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- References

No definition available.

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- Definition

Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124440162&loc=d3e12069-110248

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124440162&loc=d3e12265-110248

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