XML 21 R10.htm IDEA: XBRL DOCUMENT v3.23.1

RESTRICTED CASH	3 Months Ended
	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.

X

- 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

Name:	us-gaap_RestrictedAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_RestrictedCashAndInvestmentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration