XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.23.3

BORROWINGS AND RELATED INTEREST | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
BORROWINGS AND RELATED INTEREST | BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At September 30, 2023, securities underlying agreements to repurchase were delivered to, and are being held by, the counterparties with whom the repurchase agreements were transacted. The counterparties have agreed to resell to OFG the same or similar securities at the maturity of these agreements. The purpose of these transactions is to provide financing for OFG’s securities portfolio. The following table shows OFG’s repurchase agreements, excluding accrued interest in the amount of $68 thousand at September 30, 2023:
| September 30, |  |
| 2023 |  |
| (In thousands)
Short-term fixed-rate repurchase agreements, with a weighted average interest rate of 5.47% | $ | 150,633 |  |  |
Repurchase agreements’ maturities were as follows:
| September 30, |  |
| 2023 |  |
| (In thousands)
Under 90 days | $ | 150,633 |  |  |
All of the repurchase agreements referred to above with maturity dates up to the date of this report were renewed as short-term repurchase agreements. The following securities were sold under agreements to repurchase:
|  | September 30, 2023
Underlying Securities |  | Amortized Cost of Underlying Securities |  | Balance of Borrowing |  | Approximate Fair Value of Underlying Securities |  | Weighted Average Interest Rate of Security
|  | (In thousands) |  |
FNMA and FHMLC Certificates |  | $ | 183,004 |  |  | $ | 150,633 |  |  | $ | 161,973 |  |  | 2.95 | %
There were no repurchase agreements at December 31, 2022. Advances from the Federal Home Loan Bank of New York Advances are received from the FHLB under an agreement whereby OFG is required to maintain a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At September 30, 2023 and December 31, 2022, these advances were secured by mortgage and commercial loans amounting to $954.9 million and $951.1 million, respectively. Also, at September 30, 2023 and December 31, 2022, OFG had an additional borrowing capacity with the FHLB of $346.4 million and $628.1 million, respectively. At September 30, 2023 and December 31, 2022, the weighted average remaining maturity of FHLB advances was 1.4 years and 3 days, respectively. The original terms of the outstanding short-term and long-term advances at September 30, 2023 are 3 days and 2 years, respectively. The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $774 thousand and $103 thousand at September 30, 2023 and December 31, 2022, respectively:
| September 30, |  | December 31,
| 2023 |  | 2022
| (In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 5.59% (December 31, 2022 - 4.46%) | $ | 100,000 |  |  | $ | 26,613 |
Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 4.52% | 200,000 |  |  | — |
| $ | 300,000 |  |  | $ | 26,613 |
Advances from FHLB mature as follows:
| September 30, |  | December 31,
| 2023 |  | 2022
| (In thousands)
Under 90 days | $ | 100,000 |  |  | $ | 26,613 |
Over one to three years | 200,000 |  |  | — |
| $ | 300,000 |  |  | $ | 26,613 |
All of the advances referred to above with maturity dates up to the date of this report were renewed as short-term advances.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration