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REGULATORY CAPITAL REQUIREMENTS
 3 Months Ended
Mar. 31, 2023
Capital Disclosure [Abstract]  
REGULATORY CAPITAL REQUIREMENTS REGULATORY CAPITAL REQUIREMENTS
Regulatory Capital Requirements
OFG (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal and Puerto Rico banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on OFG’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, OFG and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. OFG and the Bank have elected to exclude accumulated comprehensive income related to both available for sale securities and derivative valuations from Common Equity Tier 1 Capital.
As of March 31, 2023 and December 31, 2022, OFG and the Bank met all capital adequacy requirements to which they are subject. As of March 31, 2023 and December 31, 2022, OFG and the Bank are “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” an institution must maintain minimum CET1 risk-based, Tier 1 risk-based, total risk-based, and Tier 1 leverage ratios as set forth in the tables presented below.
OFG’s and the Bank’s actual capital amounts and ratios as of March 31, 2023 and December 31, 2022 were as follows:
ActualMinimum Capital
Requirement (including
capital conservation buffer)		Minimum to be Well
Capitalized
AmountRatioAmountRatioAmountRatio
(Dollars in thousands)
OFG Bancorp Ratios
As of March 31, 2023
Total capital to risk-weighted assets$1,158,744 15.33 %$793,712 10.50 %$755,917 10.00 %
Tier 1 capital to risk-weighted assets$1,063,919 14.07 %$642,529 8.50 %$604,733 8.00 %
Common equity tier 1 capital to risk-weighted assets$1,063,919 14.07 %$529,142 7.00 %$491,346 6.50 %
Tier 1 capital to average total assets$1,063,919 10.75 %$395,951 4.00 %$494,939 5.00 %
As of December 31, 2022
Total capital to risk-weighted assets$1,132,658 14.89 %$798,574 10.50 %$760,547 10.00 %
Tier 1 capital to risk-weighted assets$1,037,385 13.64 %$646,465 8.50 %$608,437 8.00 %
Common equity tier 1 capital to risk-weighted assets$1,037,385 13.64 %$532,383 7.00 %$494,355 6.50 %
Tier 1 capital to average total assets$1,037,385 10.36 %$400,445 4.00 %$500,557 5.00 %
ActualMinimum Capital
Requirement (including
capital conservation buffer)		Minimum to be Well
Capitalized
AmountRatioAmountRatioAmountRatio
(Dollars in thousands)
Bank Ratios
As of March 31, 2023
Total capital to risk-weighted assets$1,067,306 14.22 %$788,036 10.50 %$750,510 10.00 %
Tier 1 capital to risk-weighted assets$973,149 12.97 %$637,934 8.50 %$600,408 8.00 %
Common equity tier 1 capital to risk-weighted assets$973,149 12.97 %$525,357 7.00 %$487,832 6.50 %
Tier 1 capital to average total assets$973,149 9.93 %$392,070 4.00 %$490,087 5.00 %
As of December 31, 2022
Total capital to risk-weighted assets$1,028,126 13.61 %$793,124 10.50 %$755,356 10.00 %
Tier 1 capital to risk-weighted assets$933,494 12.36 %$642,053 8.50 %$604,285 8.00 %
Common equity tier 1 capital to risk-weighted assets$933,494 12.36 %$528,749 7.00 %$490,981 6.50 %
Tier 1 capital to average total assets$933,494 9.42 %$396,525 4.00 %$495,656 5.00 %