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RESTRICTED CASH | 9 Months Ended
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Sep. 30, 2023
Restricted Cash and Investments [Abstract] |
RESTRICTED CASH | RESTRICTED CASH OFG had a contract with the Federal National Mortgage Association (the “FNMA”) which required collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At December 31, 2022, OFG had delivered as collateral cash amounting to approximately $157 thousand. On May 1, 2023, OFG and a third-party servicer terminated a subservicing agreement by mutual agreement. Pursuant to such termination, the third-party servicer became the direct servicer of the FNMA loans sold with recourse, thereby relieving OFG of its obligation to deliver collateral with respect to such loans. Therefore, no collateral was delivered at September 30, 2023. 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 September 30, 2023 was $480.5 million (December 31, 2022 - $482.9 million). At September 30, 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.

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- 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
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