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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 SecuritiesAmortized Cost of Underlying SecuritiesBalance of BorrowingApproximate Fair Value of Underlying SecuritiesWeighted 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,
20232022
(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,
20232022
(In thousands)
Under 90 days$100,000 $26,613 
Over one to three years200,000 — 
$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.