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INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 were as follows:

			September 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 from 1 to 5 years			$	7,717					$	—					$	430					$	7,287					1.76		%
Due from 5 to 10 years			48,962						—						4,373						44,589						2.00		%
Due after 10 years			1,204,722						—						94,878						1,109,844						3.91		%
Total FNMA and FHLMC certificates			1,261,401						—						99,681						1,161,720						3.82		%
GNMA Securities
Due from 1 to 5 years			$	10,143					$	—					$	585					$	9,558					1.71		%
Due from 5 to 10 years			18,234						4						1,490						16,748						2.18		%
Due after 10 years			361,250						375						48,547						313,078						3.23		%
Total GNMA certificates			389,627						379						50,622						339,384						3.15		%
CMOs issued by US government-sponsored agencies
Due from 1 to 5 years			10,199						—						530						9,669						1.78		%
Due from 5 to 10 years			147						—						2						145						2.14		%
Due after 10 years			882						—						21						861						5.07		%
Total CMOs issued by US government-sponsored agencies			11,228						—						553						10,675						2.04		%
Total mortgage-backed securities			1,662,256						379						150,856						1,511,779						3.65		%
Investment securities
US Treasury securities
Due less than 1 year			739						—						—						739						5.45		%
Other debt securities
Due from 1 to 5 years			638						—						3						635						3.19		%
Total investment securities			1,377						—						3						1,374						4.40		%
Total securities available for sale			$	1,663,633					$	379					$	150,859					$	1,513,153					3.65		%
			September 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			$	320,249					$	—					$	74,607					$	245,642					1.72		%
Investment securities
US Treasury securities
Due less than 1 year			$	198,896					$	—					$	2,779					$	196,117					3.34		%
Total securities held to maturity			$	519,145					$	—					$	77,386					$	441,759					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

						Nine-Month Period Ended September 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 September 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:

			September 30, 2023
			12 months or more
			Amortized Cost						Unrealized Loss						Fair Value
			(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates			$	750,699					$	91,423					$	659,276
GNMA certificates			292,915						48,099						244,816
CMOs issued by US Government-sponsored agencies			11,228						553						10,675
Other debt securities			139						3						136
			$	1,054,981					$	140,078					$	914,903
Held-to-maturity
FNMA and FHLMC certificates			$	320,249					$	74,607					$	245,642
US Treasury securities			198,896						2,779						196,117
			$	519,145					$	77,386					$	441,759
			September 30, 2023
			Less than 12 months
			Amortized Cost						Unrealized Loss						Fair Value
			(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates			$	510,701					$	8,257					$	502,444
GNMA certificates			84,757						2,523						82,234
			$	595,458					$	10,780					$	584,678
			September 30, 2023
			Total
			Amortized Cost						Unrealized Loss						Fair Value
			(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates			$	1,261,401					$	99,681					$	1,161,720
GNMA certificates			377,672						50,622						327,050
CMOs issued by US Government-sponsored agencies			11,228						553						10,675
Other debt securities			139						3						136
			$	1,650,440					$	150,859					$	1,499,581
Held-to-maturity
FNMA and FHLMC certificates			$	320,249					$	74,607					$	245,642
US Treasury securities			198,896						2,779						196,117
			$	519,145					$	77,386					$	441,759

			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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