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v3.23.2

INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investment Securities | The amortized cost, gross unrealized gains and losses, fair value, weighted average yield and contractual maturities of the securities owned by OFG at June 30, 2023 and December 31, 2022 were as follows:
| June 30, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Available-for-sale |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due less than 1 year | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Due from 1 to 5 years | $ | 8,463 |  |  | $ | — |  |  | $ | 485 |  |  | $ | 7,978 |  |  | 1.76 | %
Due from 5 to 10 years | 52,433 |  |  | — |  |  | 3,803 |  |  | 48,630 |  |  | 2.00 | %
Due after 10 years | 786,949 |  |  | 125 |  |  | 64,832 |  |  | 722,242 |  |  | 3.00 | %
Total FNMA and FHLMC certificates | 847,845 |  |  | 125 |  |  | 69,120 |  |  | 778,850 |  |  | 2.93 | %
GNMA Securities |  |  |  |  |  |  |  |  |
Due less than 1 year | — |  |  | — |  |  | — |  |  | — |  |  | — | %
Due from 1 to 5 years | 10,633 |  |  | — |  |  | 558 |  |  | 10,075 |  |  | 1.69 | %
Due from 5 to 10 years | 20,551 |  |  | 7 |  |  | 1,450 |  |  | 19,108 |  |  | 2.16 | %
Due after 10 years | 353,716 |  |  | 1,548 |  |  | 35,213 |  |  | 320,051 |  |  | 3.16 | %
Total GNMA certificates | 384,900 |  |  | 1,555 |  |  | 37,221 |  |  | 349,234 |  |  | 3.07 | %
CMOs issued by US government-sponsored agencies |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 11,425 |  |  | — |  |  | 659 |  |  | 10,766 |  |  | 1.78 | %
Due from 5 to 10 years | 265 |  |  | — |  |  | 4 |  |  | 261 |  |  | 2.14 | %
Due after 10 years | 905 |  |  | — |  |  | 20 |  |  | 885 |  |  | 5.07 | %
Total CMOs issued by US government-sponsored agencies | 12,595 |  |  | — |  |  | 683 |  |  | 11,912 |  |  | 2.02 | %
Total mortgage-backed securities | 1,245,340 |  |  | 1,680 |  |  | 107,024 |  |  | 1,139,996 |  |  | 2.96 | %
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 748 |  |  | — |  |  | — |  |  | 748 |  |  | 4.77 | %
Total US Treasury Securities | 748 |  |  | — |  |  | — |  |  | 748 |  |  | 4.77 | %
Other debt securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 376 |  |  | 44 |  |  | — |  |  | 420 |  |  | 7.00 | %
Due from 1 to 5 years | 685 |  |  | — |  |  | 4 |  |  | 681 |  |  | 3.18 | %
Total other debt securities | 1,061 |  |  | 44 |  |  | 4 |  |  | 1,101 |  |  | 4.53 | %
Total investment securities | 1,809 |  |  | 44 |  |  | 4 |  |  | 1,849 |  |  | 4.63 | %
Total securities available for sale | $ | 1,247,149 |  |  | $ | 1,724 |  |  | $ | 107,028 |  |  | $ | 1,141,845 |  |  | 2.97 | %
| June 30, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Held-to-maturity |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due after 10 years | $ | 326,935 |  |  | $ | — |  |  | $ | 60,338 |  |  | $ | 266,597 |  |  | 1.72 | %
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities |  |  |  |  |  |  |  |  |
Due less than 1 year | $ | 198,478 |  |  | $ | — |  |  | $ | 3,697 |  |  | $ | 194,781 |  |  | 3.34 | %
Total securities held to maturity | $ | 525,413 |  |  | $ | — |  |  | $ | 64,035 |  |  | $ | 461,378 |  |  | 2.34 | %
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Available-for-sale |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | $ | 10,155 |  |  | — |  |  | $ | 550 |  |  | $ | 9,605 |  |  | 1.76 | %
Due from 5 to 10 years | 59,167 |  |  | — |  |  | 3,764 |  |  | 55,403 |  |  | 2.00 | %
Due after 10 years | 768,381 |  |  | 59 |  |  | 65,332 |  |  | 703,108 |  |  | 2.87 | %
Total FNMA and FHLMC certificates | 837,703 |  |  | 59 |  |  | 69,646 |  |  | 768,116 |  |  | 2.79 | %
GNMA Securities |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 12,505 |  |  | — |  |  | 632 |  |  | 11,873 |  |  | 1.66 | %
Due from 5 to 10 years | 24,575 |  |  | 14 |  |  | 1,585 |  |  | 23,004 |  |  | 2.13 | %
Due after 10 years | 320,417 |  |  | 892 |  |  | 36,652 |  |  | 284,657 |  |  | 2.90 | %
Total GNMA certificates | 357,497 |  |  | 906 |  |  | 38,869 |  |  | 319,534 |  |  | 2.80 | %
CMOs issued by US government-sponsored agencies |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 14,190 |  |  | — |  |  | 755 |  |  | 13,435 |  |  | 1.78 | %
Due from 5 to 10 years | 485 |  |  | — |  |  | 10 |  |  | 475 |  |  | 2.14 | %
Due after 10 years | 959 |  |  | — |  |  | 18 |  |  | 941 |  |  | 5.06 | %
Total CMOs issued by US government-sponsored agencies | 15,634 |  |  | — |  |  | 783 |  |  | 14,851 |  |  | 1.99 | %
Total mortgage-backed securities | 1,210,834 |  |  | 965 |  |  | 109,298 |  |  | 1,102,501 |  |  | 2.79 | %
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 310,862 |  |  | — |  |  | 1,729 |  |  | 309,133 |  |  | 3.34 | %
Other debt securities |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 1,116 |  |  | 30 |  |  | 4 |  |  | 1,142 |  |  | 4.45 | %
Total investment securities | 311,978 |  |  | 30 |  |  | 1,733 |  |  | 310,275 |  |  | 3.35 | %
Total securities available for sale | $ | 1,522,812 |  |  | $ | 995 |  |  | $ | 111,031 |  |  | $ | 1,412,776 |  |  | 2.90 | %
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Held-to-maturity |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due after 10 years | $ | 337,435 |  |  | $ | — |  |  | $ | 62,358 |  |  | $ | 275,077 |  |  | 1.71 | %
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 197,635 |  |  | — |  |  | 3,526 |  |  | 194,109 |  |  | 3.36 | %
Total securities held to maturity | $ | 535,070 |  |  | $ | — |  |  | $ | 65,884 |  |  | $ | 469,186 |  |  | 2.30 | %
Schedule of Gross Realized Gains and Losses by Category |
|  | Six Month Period Ended June 30, 2023
Description |  | Sale Price |  | Book Value at Sale |  | Gross Gains |  | Gross Losses
|  | (In thousands)
Sale of securities available-for-sale |  |  |  |  |  |  |  |
Investment securities |  |  |  |  |  |  |  |
US Treasury securities |  | $ | 202,133 |  |  | $ | 203,282 |  |  | $ | — |  |  | $ | 1,149 |
Schedule of Unrealized Gains and Losses by Category | The following table shows OFG’s gross unrealized losses and fair value of investment securities available-for-sale and held-to-maturity at June 30, 2023 and December 31, 2022, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
| June 30, 2023
| 12 months or more
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
FNMA and FHLMC certificates | $ | 493,276 |  |  | $ | 53,454 |  |  | $ | 439,822 |
GNMA certificates | 258,449 |  |  | 35,154 |  |  | 223,295 |
CMOs issued by US Government-sponsored agencies | 12,595 |  |  | 683 |  |  | 11,912 |
| $ | 764,320 |  |  | $ | 89,291 |  |  | $ | 675,029 |
Held-to-maturity |  |  |  |  |
FNMA and FHLMC certificates | $ | 326,935 |  |  | $ | 60,338 |  |  | $ | 266,597 |
| June 30, 2023
| Less than 12 months
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
FNMA and FHLMC certificates | 345,324 |  |  | 15,666 |  |  | 329,658 |
GNMA certificates | 76,664 |  |  | 2,068 |  |  | 74,596 |
Other debt securities | 184 |  |  | 4 |  |  | 180 |
| $ | 422,172 |  |  | $ | 17,738 |  |  | $ | 404,434 |
Held-to-maturity |  |  |  |  |
US Treasury securities | 198,478 |  |  | 3,697 |  |  | 194,781 |
| June 30, 2023
| Total
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
FNMA and FHLMC certificates | $ | 838,600 |  |  | $ | 69,120 |  |  | $ | 769,480 |
GNMA certificates | 335,113 |  |  | 37,221 |  |  | 297,892 |
CMOs issued by US Government-sponsored agencies | 12,595 |  |  | 683 |  |  | 11,912 |
Other debt securities | 184 |  |  | 4 |  |  | 180 |
| $ | 1,186,492 |  |  | $ | 107,028 |  |  | $ | 1,079,464 |
Held-to-maturity |  |  |  |  |
FNMA and FHLMC certificates | $ | 326,935 |  |  | $ | 60,338 |  |  | $ | 266,597 |
US Treasury securities | 198,478 |  |  | 3,697 |  |  | 194,781 |
| $ | 525,413 |  |  | $ | 64,035 |  |  | $ | 461,378 |
| December 31, 2022
| 12 months or more
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
CMOs issued by US Government-sponsored agencies | $ | 337 |  |  | $ | 7 |  |  | $ | 330 |
FNMA and FHLMC certificates | 88,600 |  |  | 18,989 |  |  | 69,611 |
GNMA certificates | 82,074 |  |  | 14,031 |  |  | 68,043 |
| $ | 171,011 |  |  | $ | 33,027 |  |  | $ | 137,984 |
Held-to-maturity |  |  |  |  |
FNMA and FHLMC certificates | $ | 337,435 |  |  | $ | 62,358 |  |  | $ | 275,077 |
| December 31, 2022
| Less than 12 months
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
CMOs issued by US Government-sponsored agencies | $ | 15,297 |  |  | $ | 776 |  |  | $ | 14,521 |
FNMA and FHLMC certificates | 745,566 |  |  | 50,657 |  |  | 694,909 |
GNMA certificates | 251,835 |  |  | 24,838 |  |  | 226,997 |
US Treasury securities | 310,862 |  |  | 1,729 |  |  | 309,133 |
Other debt securities | 240 |  |  | 4 |  |  | 236 |
| $ | 1,323,800 |  |  | $ | 78,004 |  |  | $ | 1,245,796 |
Held-to-maturity |  |  |  |  |
US Treasury securities | $ | 197,635 |  |  | $ | 3,526 |  |  | $ | 194,109 |
| December 31, 2022
| Total
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
CMOs issued by US Government-sponsored agencies | $ | 15,634 |  |  | $ | 783 |  |  | $ | 14,851 |
FNMA and FHLMC certificates | 834,166 |  |  | 69,646 |  |  | 764,520 |
GNMA certificates | 333,909 |  |  | 38,869 |  |  | 295,040 |
US Treasury securities | 310,862 |  |  | 1,729 |  |  | 309,133 |
Other debt securities | 240 |  |  | 4 |  |  | 236 |
| $ | 1,494,811 |  |  | $ | 111,031 |  |  | $ | 1,383,780 |
Held-to-maturity |  |  |  |  |
FNMA and FHLMC certificates | $ | 337,435 |  |  | $ | 62,358 |  |  | $ | 275,077 |
US Treasury securities | 197,635 |  |  | 3,526 |  |  | 194,109 |
| $ | 535,070 |  |  | $ | 65,884 |  |  | $ | 469,186 |

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