XML 54 R44.htm IDEA: XBRL DOCUMENT
v3.23.3

BORROWINGS AND RELATED INTEREST (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Federal Home Loan Bank Advances | 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 |
Schedule of Repurchase Agreements | 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.

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 Tabular disclosure of advances by federal home loan bank by branch. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13,16) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480876/942-470-45-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 + Details
Name: | us-gaap_ScheduleOfFederalHomeLoanBankAdvancesByBranchOfFHLBBankTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for repurchase agreements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRepurchaseAgreements
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration