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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Goodwill by reportable business segment is included in the table below. Refer to “Note 29 – OFG Bancorp (Holding Company Only) Financial Information” for additional information on OFG’s reportable business segments.
| Banking |  | Wealth Management |  | Treasury |  | Total
| (In thousands)
December 31, 2021 | $ | 84,063 |  |  | $ | 2,006 |  |  | $ | — |  |  | $ | 86,069 |
Goodwill written off related to sale of business unit | — |  |  | (1,828) |  |  | — |  |  | (1,828) |
December 31, 2022 | $ | 84,063 |  |  | $ | 178 |  |  | $ | — |  |  | $ | 84,241 |
December 31, 2023 | $ | 84,063 |  |  | $ | 178 |  |  | $ | — |  |  | $ | 84,241 |
There were no changes in the carrying amount of goodwill as of December 31, 2023 and 2022. There were no accumulated impairment losses during 2023, 2022 and 2021. Relevant events and circumstances for evaluating whether it is more likely than not that the fair value of a reporting segment is less than its carrying amount may include macroeconomic conditions (such as deterioration of the Puerto Rico economy or the liquidity for Puerto Rico securities or loans secured by assets in Puerto Rico), adverse changes in legal factors or in the business climate, adverse actions by a regulator, unanticipated competition, the loss of key employees, natural disasters, or similar events. OFG performed its annual impairment review of goodwill during the fourth quarter of 2023 using October 31, 2023 as the annual evaluation date and concluded that there was no impairment at December 31, 2023. The following table reflects the components of other intangible assets subject to amortization at December 31, 2023 and 2022:
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value
|  | (In thousands)
December 31, 2023 |  |  |  |  |  |
Core deposit intangibles |  | $ | 41,507 |  |  | $ | 25,659 |  |  | $ | 15,848 |
Customer relationship intangibles |  | 12,693 |  |  | 7,847 |  |  | 4,846 |
Total other intangible assets |  | $ | 54,200 |  |  | $ | 33,506 |  |  | $ | 20,694 |
December 31, 2022 |  |  |  |  |  |
Core deposit intangibles |  | $ | 41,507 |  |  | $ | 20,376 |  |  | $ | 21,131 |
Customer relationship intangibles |  | 12,693 |  |  | 6,231 |  |  | 6,462 |
Total other intangible assets |  | $ | 54,200 |  |  | $ | 26,607 |  |  | $ | 27,593 |
In connection with previous acquisitions, OFG recorded core deposit intangibles representing the value of checking and savings deposits acquired. In addition, OFG recorded customer relationship intangibles representing the value of customer relationships acquired with the acquisitions of insurance agencies. During 2023 and 2022, OFG performed an assessment of events or circumstances that could trigger reductions in the book value of other intangible assets. Based on this assessment, no impairments were identified at December 31, 2023 and 2022. Other intangible assets have a definite useful life. Amortization of other intangible assets for the years ended December 31, 2023, 2022 and 2021, was $6.9 million, $8.5 million and $9.8 million, respectively. The following table presents the estimated amortization of other intangible assets for each of the following periods.
Year Ending December 31, |  | (In thousands)
2024 |  | 5,913 |
2025 |  | 4,927 |
2026 |  | 3,942 |
2027 |  | 2,956 |
2028 |  | 1,971 |
Thereafter |  | 985 |

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