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RESTRICTED CASH | 3 Months Ended
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Mar. 31, 2023
Restricted Cash and Investments [Abstract] |
RESTRICTED CASH | RESTRICTED CASH OFG has a contract with the Federal National Mortgage Association (the “FNMA”) which requires collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At March 31, 2023 and December 31, 2022, OFG delivered as collateral cash amounting to approximately $142 thousand and $157 thousand, respectively. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits, excluding government deposits that are secured with pledged collateral. The amount of those minimum average reserve balances for the week that covered March 31, 2023 was $481.4 million (December 31, 2022 - $482.9 million). At March 31, 2023 and December 31, 2022, 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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