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LOANS | 12 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
LOANS | LOANS OFG’s loan portfolio is composed of four segments: commercial, mortgage, consumer, and auto loans. Loans are further segregated into classes which OFG uses when assessing and monitoring the risk and performance of the portfolio. The composition of the amortized cost basis of OFG’s loan portfolio at December 31, 2023 and 2022 was as follows:
| December 31, 2023 |  | December 31, 2022
| Non-PCD |  | PCD |  | Total |  | Non-PCD |  | PCD |  | Total
| (In thousands)
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate | $ | 1,095,207 |  |  | $ | 120,988 |  |  | $ | 1,216,195 |  |  | $ | 974,202 |  |  | $ | 138,678 |  |  | $ | 1,112,880 |
Other commercial and industrial | 1,091,021 |  |  | 14,459 |  |  | 1,105,480 |  |  | 854,442 |  |  | 20,474 |  |  | 874,916 |
US commercial loans | 755,228 |  |  | — |  |  | 755,228 |  |  | 642,133 |  |  | — |  |  | 642,133 |
| 2,941,456 |  |  | 135,447 |  |  | 3,076,903 |  |  | 2,470,777 |  |  | 159,152 |  |  | 2,629,929 |
Mortgage loans | 629,247 |  |  | 933,362 |  |  | 1,562,609 |  |  | 675,793 |  |  | 1,028,428 |  |  | 1,704,221 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |
Personal loans | 568,358 |  |  | 264 |  |  | 568,622 |  |  | 480,620 |  |  | 338 |  |  | 480,958 |
Credit lines | 10,926 |  |  | 288 |  |  | 11,214 |  |  | 12,826 |  |  | 300 |  |  | 13,126 |
Credit cards | 40,314 |  |  | — |  |  | 40,314 |  |  | 42,872 |  |  | — |  |  | 42,872 |
Overdraft | 296 |  |  | — |  |  | 296 |  |  | 301 |  |  | — |  |  | 301 |
| 619,894 |  |  | 552 |  |  | 620,446 |  |  | 536,619 |  |  | 638 |  |  | 537,257 |
Auto loans | 2,272,530 |  |  | 1,891 |  |  | 2,274,421 |  |  | 1,958,257 |  |  | 5,658 |  |  | 1,963,915 |
| 6,463,127 |  |  | 1,071,252 |  |  | 7,534,379 |  |  | 5,641,446 |  |  | 1,193,876 |  |  | 6,835,322 |
Allowance for credit losses | (152,610) |  |  | (8,496) |  |  | (161,106) |  |  | (141,841) |  |  | (10,832) |  |  | (152,673) |
Total loans held for investment, net | 6,310,517 |  |  | 1,062,756 |  |  | 7,373,273 |  |  | 5,499,605 |  |  | 1,183,044 |  |  | 6,682,649 |
Mortgage loans held for sale | — |  |  | — |  |  | — |  |  | 19,499 |  |  | — |  |  | 19,499 |
Other loans held for sale | 28,345 |  |  | — |  |  | 28,345 |  |  | 21,088 |  |  | — |  |  | 21,088 |
Total loans held for sale | 28,345 |  |  | — |  |  | 28,345 |  |  | 40,587 |  |  | — |  |  | 40,587 |
Total loans, net | $ | 6,338,862 |  |  | $ | 1,062,756 |  |  | $ | 7,401,618 |  |  | $ | 5,540,192 |  |  | $ | 1,183,044 |  |  | $ | 6,723,236 |
During 2023, OFG sold non-performing Puerto Rico small business commercial loans held-for-sale amounting to $4.3 million, with an unpaid principal balance of $25.3 million and recognized a $6.3 million gain on the sale. This gain is included in the other non-interest income line of the consolidated statements of operations. At December 31, 2023 and 2022, OFG had carrying balances of $68.6 million and $73.7 million, respectively, in loans held for investment granted to the Puerto Rico government or its instrumentalities as part of the commercial loan segment. The Bank’s loans to the Puerto Rico government are general obligations of municipalities secured by ad valorem taxation, without limitation as to rate or amount, on all taxable property within the issuing municipalities in current status. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations. The tables below present the aging of the amortized cost of loans held for investment at December 31, 2023 and 2022, by class of loans. Mortgage loans past due include $19.4 million and $32.6 million of delinquent loans in the GNMA buy-back option program at December 31, 2023 and 2022, respectively. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option.
| December 31, 2023
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90+ Days Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Loans 90+ Days Past Due and Still Accruing
| (In thousands)
Commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate | $ | 1,585 |  |  | $ | 411 |  |  | $ | 5,671 |  |  | $ | 7,667 |  |  | $ | 1,087,540 |  |  | $ | 1,095,207 |  |  | $ | — |
Other commercial and industrial | 1,366 |  |  | 291 |  |  | 4,974 |  |  | 6,631 |  |  | 1,084,390 |  |  | 1,091,021 |  |  | — |
US commercial loans | — |  |  | — |  |  | — |  |  | — |  |  | 755,228 |  |  | 755,228 |  |  | — |
| 2,951 |  |  | 702 |  |  | 10,645 |  |  | 14,298 |  |  | 2,927,158 |  |  | 2,941,456 |  |  | — |
Mortgage loans | 6,107 |  |  | 9,596 |  |  | 31,557 |  |  | 47,260 |  |  | 581,987 |  |  | 629,247 |  |  | 2,478 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Personal loans | 6,115 |  |  | 4,041 |  |  | 2,755 |  |  | 12,911 |  |  | 555,447 |  |  | 568,358 |  |  | — |
Credit lines | 137 |  |  | 35 |  |  | 35 |  |  | 207 |  |  | 10,719 |  |  | 10,926 |  |  | — |
Credit cards | 657 |  |  | 280 |  |  | 586 |  |  | 1,523 |  |  | 38,791 |  |  | 40,314 |  |  | — |
Overdraft | 87 |  |  | 14 |  |  | — |  |  | 101 |  |  | 195 |  |  | 296 |  |  | — |
| 6,996 |  |  | 4,370 |  |  | 3,376 |  |  | 14,742 |  |  | 605,152 |  |  | 619,894 |  |  | — |
Auto loans | 101,610 |  |  | 46,071 |  |  | 19,056 |  |  | 166,737 |  |  | 2,105,793 |  |  | 2,272,530 |  |  | — |
Total loans | $ | 117,664 |  |  | $ | 60,739 |  |  | $ | 64,634 |  |  | $ | 243,037 |  |  | $ | 6,220,090 |  |  | $ | 6,463,127 |  |  | $ | 2,478 |
As of December 31, 2023, total past due loans exclude $6.4 million of past due commercial loans held for sale.
| December 31, 2022
| 30-59 Day Past Due |  | 60-89 Days Past Due |  | 90+ Days Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Loans 90+ Days Past Due and Still Accruing
| (In thousands)
Commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate | $ | 923 |  |  | $ | 164 |  |  | $ | 6,147 |  |  | $ | 7,234 |  |  | $ | 966,968 |  |  | $ | 974,202 |  |  | $ | — |
Other commercial and industrial | 943 |  |  | 720 |  |  | 3,225 |  |  | 4,888 |  |  | 849,554 |  |  | 854,442 |  |  | — |
US commercial loans | — |  |  | — |  |  | — |  |  | — |  |  | 642,133 |  |  | 642,133 |  |  | — |
| 1,866 |  |  | 884 |  |  | 9,372 |  |  | 12,122 |  |  | 2,458,655 |  |  | 2,470,777 |  |  | — |
Mortgage loans | 9,267 |  |  | 5,848 |  |  | 56,714 |  |  | 71,829 |  |  | 603,964 |  |  | 675,793 |  |  | 3,856 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Personal loans | 4,263 |  |  | 2,669 |  |  | 2,314 |  |  | 9,246 |  |  | 471,374 |  |  | 480,620 |  |  | — |
Credit lines | 500 |  |  | 154 |  |  | 117 |  |  | 771 |  |  | 12,055 |  |  | 12,826 |  |  | — |
Credit cards | 730 |  |  | 486 |  |  | 682 |  |  | 1,898 |  |  | 40,974 |  |  | 42,872 |  |  | — |
Overdraft | 91 |  |  | 2 |  |  | — |  |  | 93 |  |  | 208 |  |  | 301 |  |  | — |
| 5,584 |  |  | 3,311 |  |  | 3,113 |  |  | 12,008 |  |  | 524,611 |  |  | 536,619 |  |  | — |
Auto loans | 75,237 |  |  | 36,954 |  |  | 19,613 |  |  | 131,804 |  |  | 1,826,453 |  |  | 1,958,257 |  |  | — |
Total loans | $ | 91,954 |  |  | $ | 46,997 |  |  | $ | 88,912 |  |  | $ | 227,763 |  |  | $ | 5,413,683 |  |  | $ | 5,641,446 |  |  | $ | 3,856 |
As of December 31, 2022, total past due loans exclude $21.1 million of past due commercial loans held for sale. Upon adoption of the CECL methodology, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the preceding two tables. Non-accrual Loans The following table presents the amortized cost basis of loans held for investment on nonaccrual status as of December 31, 2023 and 2022:
| December 31, 2023 |  | December 31, 2022
| Non-accrual with Allowance for Credit Loss |  | Non-accrual with no Allowance for Credit Loss |  | Total |  | Non-accrual with Allowance for Credit Loss |  | Non-accrual with no Allowance for Credit Loss |  | Total
| (In thousands) |  | (In thousands)
Non-PCD: |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate | $ | 3,553 |  |  | $ | 7,929 |  |  | $ | 11,482 |  |  | $ | 4,091 |  |  | $ | 17,098 |  |  | $ | 21,189 |
Other commercial and industrial | 4,560 |  |  | 830 |  |  | 5,390 |  |  | 2,769 |  |  | 885 |  |  | 3,654 |
US commercial loans | 19,224 |  |  | — |  |  | 19,224 |  |  | 9,589 |  |  | — |  |  | 9,589 |
| 27,337 |  |  | 8,759 |  |  | 36,096 |  |  | 16,449 |  |  | 17,983 |  |  | 34,432 |
Mortgage loans | 10,339 |  |  | 3,858 |  |  | 14,197 |  |  | 11,719 |  |  | 11,522 |  |  | 23,241 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |
Personal loans | 2,741 |  |  | 14 |  |  | 2,755 |  |  | 1,950 |  |  | 379 |  |  | 2,329 |
Personal lines of credit | 35 |  |  | — |  |  | 35 |  |  | 116 |  |  | — |  |  | 116 |
Credit cards | 586 |  |  | — |  |  | 586 |  |  | 683 |  |  | — |  |  | 683 |
| 3,362 |  |  | 14 |  |  | 3,376 |  |  | 2,749 |  |  | 379 |  |  | 3,128 |
Auto loans | 19,051 |  |  | 5 |  |  | 19,056 |  |  | 19,612 |  |  | 1 |  |  | 19,613 |
Total | $ | 60,089 |  |  | $ | 12,636 |  |  | $ | 72,725 |  |  | $ | 50,529 |  |  | $ | 29,885 |  |  | $ | 80,414 |
PCD: |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate | $ | 3,060 |  |  | $ | 2,417 |  |  | $ | 5,477 |  |  | $ | 2,807 |  |  | $ | 6,084 |  |  | $ | 8,891 |
Other commercial and industrial | — |  |  | 947 |  |  | 947 |  |  | — |  |  | 36 |  |  | 36 |
| 3,060 |  |  | 3,364 |  |  | 6,424 |  |  | 2,807 |  |  | 6,120 |  |  | 8,927 |
Mortgage loans | 250 |  |  | — |  |  | 250 |  |  | 259 |  |  | — |  |  | 259 |
Total | $ | 3,310 |  |  | $ | 3,364 |  |  | $ | 6,674 |  |  | $ | 3,066 |  |  | $ | 6,120 |  |  | $ | 9,186 |
Total non-accrual loans | $ | 63,399 |  |  | $ | 16,000 |  |  | $ | 79,399 |  |  | $ | 53,595 |  |  | $ | 36,005 |  |  | $ | 89,600 |
The determination of nonaccrual or accrual status of PCD loans is made at the pool level, not the individual loan level. As of December 31, 2023 and 2022, total commercial non-accrual loans exclude $6.4 million and $16.4 million of non-accrual commercial loans held for sale, respectively. Delinquent residential mortgage loans insured or guaranteed under applicable FHA and VA programs are classified as non-performing loans when they become 90 days or more past due but are not placed in non-accrual status until they become 12 months or more past due, since they are insured loans. Therefore, those loans are included as non-performing loans but excluded from non-accrual loans. At December 31, 2022, loans whose terms have been extended and which were classified as troubled-debt restructurings that were not included in non-accrual loans amounted to $145.2 million as they were performing under their modified terms. Modifications to Debtors Experiencing Financial Difficulty OFG’s loss mitigation program was designed to ensure that borrowers experiencing financial difficulties have the opportunity to continue paying their obligations. The loss mitigation alternatives are divided depending on the borrower’s hardship and their ability to continue with regular payment or with a new modified payment plan. The loss mitigation program provides alternatives for home retention or disposition options avoiding foreclosure proceedings and collateral retention. OFG offers various types of loan modifications to borrowers experiencing financial difficulty in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, interest or principal forbearance or forgiveness, or any combination of these types of concessions. On January 1, 2023, OFG adopted ASU 2022-02, which eliminated the recognition and measurement of TDRs and enhanced disclosures for loan restructurings for borrowers experiencing financial difficulty, using the prospective transition method. At December 31, 2023, the amortized cost of modified loans excludes $188 thousand of accrued interest receivable. Accrued interest receivable on loans is included in the “accrued interest receivable” line in OFG’s consolidated statements of financial condition. The following tables present the amortized cost basis as of December 31, 2023 of loans held for investment that were modified during 2023, disaggregated by class of financing receivable and type of concession granted.
|  |  |  |  | Interest Rate Reduction
|  |  | Year Ended December 31, 2023
|  |  |  |  | Amortized Cost Basis (In thousands) |  | % of Total Class of Financing Receivable
Commercial loans: |  |  |  |  |  |  |
US commercial loans |  |  |  |  | 6,649 |  |  | 0.88 | %
Consumer loans: |  |  |  |  |  |  |
Personal loans |  |  |  |  | 37 |  |  | 0.01 | %
Auto loans |  |  |  |  | 48 |  |  | — | %
Total |  |  |  |  | $ | 6,734 |  |  |
|  |  |  |  | Term Extension
|  |  | Year Ended December 31, 2023
|  |  |  |  | Amortized Cost Basis (In thousands) |  | % of Total Class of Financing Receivable
Commercial loans: |  |  |  |  |  |  |
Commercial secured by real estate |  |  |  |  | $ | 6,332 |  |  | 0.52 | %
Other commercial and industrial |  |  |  |  | 689 |  |  | 0.06 | %
|  |  |  |  | 7,021 |  |  | 0.23 | %
Mortgage loans |  |  |  |  | 5,777 |  |  | 0.37 | %
Auto loans |  |  |  |  | 13 |  |  | — | %
Total |  |  |  |  | $ | 12,811 |  |  |
|  |  |  |  | Principal Forbearance/Forgiveness
|  |  | Year Ended December 31, 2023
|  |  |  |  | Amortized Cost Basis (In thousands) |  | % of Total Class of Financing Receivable
Mortgage loans |  |  |  |  | $ | 97 |  |  | 0.01 | %
|  |  |  |  | Combination - Term Extension and Interest Rate Reduction
|  |  | Year Ended December 31, 2023
|  |  |  |  | Amortized Cost Basis (In thousands) |  | % of Total Class of Financing Receivable
Mortgage loans |  |  |  |  | $ | 710 |  |  | 0.05 | %
Consumer loans: |  |  |  |  |  |  |
Personal loans |  |  |  |  | 80 |  |  | 0.01 | %
Auto loans |  |  |  |  | 53 |  |  | — | %
Total |  |  |  |  | $ | 843 |  |  |
|  |  |  |  | Combination - Term Extension and Principal Forgiveness/Forbearance
|  |  | Year Ended December 31, 2023
|  |  |  |  | Amortized Cost Basis (In thousands) |  | % of Total Class of Financing Receivable
Commercial loans: |  |  |  |  |  |  |
US commercial loans |  |  |  |  | $ | 4,183 |  |  | 0.55 | %
Mortgage loans |  |  |  |  | 440 |  |  | 0.03 | %
Total |  |  |  |  | $ | 4,623 |  |  |
Our credit loss estimation methodology incorporates a lifetime approach, utilizing modeled loan performance based on the historical experience of loans with similar risk characteristics, adjusted for current conditions, and reasonable and supportable forecasts. The model considers extensive historical loss experience, including the impact of loss mitigation programs offered to borrowers facing financial difficulty and projected loss severity from loan defaults, and is applied consistently across all portfolio segments. Additionally, our ACL is recorded on each asset upon origination or acquisition and is based on historical loss information, including modifications made to borrowers facing financial difficulty, and expected behavior. Changes to the ACL are generally not recorded upon modification, as the effects of most modifications are already considered in the estimation methodology. Refer to Note 6 – Allowance for Credit Losses for additional information.
| Year Ended December 31, 2023 |  |  |  |
| Weighted-Average Interest Rate Reduction |  | Weighted-Average Term Extension (In months) |  | Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands) |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |
Commercial loans secured by real estate | — | % |  | 23 |  | $ | — |  |  |  |  |
US Commercial loans | 1.95 | % |  | 31 |  | 2,973 |  |  |  |  |
| — | % |  | 54 |  | $ | 2,973 |  |  |  |  |
Mortgage loans | 1.94 | % |  | 213 |  | $ | 24 |  |  |  |  |
Consumer loans: |  |  |  |  |  |  |  |  |
Personal loans | 2.98 | % |  | 81 |  | $ | — |  |  |  |  |
Auto loans | 3.00 | % |  | 0 |  | $ | — |  |  |  |  |
The following table presents the amortized cost basis as of December 31, 2023 of loans held for investment that had a payment default subsequent to being granted a modification to borrowers experiencing financial difficulty in the prior twelve-months.
| Year Ended December 31, 2023
| Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
| Interest Rate Reduction |  | Term Extension |  | Principal Forgiveness/Forbearance |  | Combination - Term Extension and Interest Rate Reduction |  | Total
| (In thousands)
Mortgage loans | $ | — |  |  | $ | 704 |  |  | $ | — |  |  | $ | — |  |  | $ | 704 |
A payment default for a financial difficulty modification loan is defined as reaching 90 days past due with respect to principal and/or interest payments or when the borrower missed three consecutive monthly payments since modification. Payment defaults is one of the factors considered when projecting future cash flows in the calculation of the allowance for credit losses of loans. OFG closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents an aging of the loans held for investment that have been modified during 2023.
| December 31, 2023
| 30-59 Day Past Due |  | 60-89 Days Past Due |  | 90+ Days Past Due |  | Total Past Due |  | Current |  | Total
| (In thousands)
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
Commercial loans secured by real estate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,332 |  |  | $ | 6,332 |
Other commercial and industrial | — |  |  | — |  |  | — |  |  | — |  |  | 689 |  |  | 689 |
US commercial loans | — |  |  | — |  |  | — |  |  | — |  |  | 10,832 |  |  | 10,832 |
| — |  |  | — |  |  | — |  |  | — |  |  | 17,853 |  |  | 17,853 |
Mortgage loans | 471 |  |  | 297 |  |  | 583 |  |  | 1,351 |  |  | 5,673 |  |  | 7,024 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |
Personal loans | — |  |  | — |  |  | — |  |  | — |  |  | 117 |  |  | 117 |
| — |  |  | — |  |  | — |  |  | — |  |  | 117 |  |  | 117 |
Auto loans | 30 |  |  | — |  |  | — |  |  | 30 |  |  | 84 |  |  | 114 |
Total | $ | 501 |  |  | $ | 297 |  |  | $ | 583 |  |  | $ | 1,381 |  |  | $ | 23,727 |  |  | $ | 25,108 |
At December 31, 2023, the total amortized cost of modified loans to borrowers experiencing financial difficulty includes $4.6 million of government-guaranteed loans (e.g., FHA/VA). There were no outstanding commitments to lend additional funds to debtors experiencing financial difficulties at December 31, 2023. Legacy TDR Disclosures Prior to the Adoption of ASU 2022-02 Prior to the adoption of ASU 2022-02, OFG offered various types of concessions when modifying a loan. Refer to “Note 1 – Summary of Significant Accounting Policies” in this report for more information on TDR accounting and disclosure requirements, and our adoption of ASU 2022-02. The amount of outstanding commitments to lend additional funds to commercial borrowers whose terms were modified in TDRs amounted to $3.2 million at December 31, 2022. The following table presents the troubled-debt restructurings in all loan portfolios as of December 31, 2022:
|  |  | December 31, 2022
|  |  |  |  |  |  |  |  | Accruing |  | Non-accruing |  | Total |  | Related Allowance
|  |  | (In thousands)
Commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate |  |  |  |  |  |  |  |  | $ | 31,437 |  |  | $ | 13,187 |  |  | $ | 44,624 |  |  | $ | 181 |
Other commercial and industrial |  |  |  |  |  |  |  |  | 2,272 |  |  | 354 |  |  | 2,626 |  |  | 42 |
US commercial loans |  |  |  |  |  |  |  |  | 7,132 |  |  | — |  |  | 7,132 |  |  | 89 |
|  |  |  |  |  |  |  |  | 40,841 |  |  | 13,541 |  |  | 54,382 |  |  | 312 |
Mortgage loans |  |  |  |  |  |  |  |  | 102,387 |  |  | 6,773 |  |  | 109,160 |  |  | 2,495 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal loans |  |  |  |  |  |  |  |  | 1,850 |  |  | 15 |  |  | 1,865 |  |  | 73 |
Auto loans |  |  |  |  |  |  |  |  | 77 |  |  | — |  |  | 77 |  |  | 3 |
Total loans |  |  |  |  |  |  |  |  | $ | 145,155 |  |  | $ | 20,329 |  |  | $ | 165,484 |  |  | $ | 2,883 |
The following tables present the troubled-debt restructurings by loan portfolios and modification type as of December 31, 2022:
| December 31, 2022
| Reduction in interest rate |  | Maturity or term extension |  | Combination of reduction in interest rate and extension of maturity |  | Forbearance |  | Total
| (In thousands)
Commercial loans: |  |  |  |  |  |  |  |  |
Commercial secured by real estate | $ | 7,746 |  |  | $ | 29,454 |  |  | $ | 7,424 |  |  | $ | — |  |  | $ | 44,624 |
Other commercial and industrial | 785 |  |  | 1,367 |  |  | 474 |  |  | — |  |  | 2,626 |
US commercial loans | 7,132 |  |  | — |  |  | — |  |  | — |  |  | 7,132 |
| 15,663 |  |  | 30,821 |  |  | 7,898 |  |  | — |  |  | 54,382 |
Mortgage loans | 31,709 |  |  | 8,020 |  |  | 35,194 |  |  | 34,237 |  |  | 109,160 |
Consumer: loans |  |  |  |  |  |  |  |  |
Personal loans | 825 |  |  | 176 |  |  | 793 |  |  | 71 |  |  | 1,865 |
Auto loans | 39 |  |  | — |  |  | 20 |  |  | 18 |  |  | 77 |
Total loans | $ | 48,236 |  |  | $ | 39,017 |  |  | $ | 43,905 |  |  | $ | 34,326 |  |  | $ | 165,484 |
At December 31, 2022, TDR mortgage loans included $43.5 million of government-guaranteed loans (e.g., FHA/VA). Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans were not included in the TDR tables. Loan modifications that were considered TDR loans completed during 2022 and 2021:
| Year Ended December 31, 2022
| Number of contracts |  | Pre-Modification Outstanding Recorded Investment |  | Pre-Modification Weighted Average Rate |  | Pre-Modification Weighted Average Term (in Months) |  | Post-Modification Outstanding Recorded Investment |  | Post-Modification Weighted Average Rate |  | Post-Modification Weighted Average Term (in Months)
| (Dollars in thousands)
Mortgage | 103 |  | $ | 12,580 |  |  | 4.63 | % |  | 258 |  | $ | 13,199 |  |  | 3.79 | % |  | 342
Commercial | 5 |  | 38,873 |  |  | 3.57 | % |  | 131 |  | 38,729 |  |  | 3.64 | % |  | 184
Consumer | 4 |  | 77 |  |  | 13.42 | % |  | 74 |  | 77 |  |  | 10.41 | % |  | 70
| Year Ended December 31, 2021
| Number of contracts |  | Pre-Modification Outstanding Recorded Investment |  | Pre-Modification Weighted Average Rate |  | Pre-Modification Weighted Average Term (in Months) |  | Post-Modification Outstanding Recorded Investment |  | Post-Modification Weighted Average Rate |  | Post-Modification Weighted Average Term (in Months)
| (Dollars in thousands)
Mortgage | 160 |  | $ | 20,077 |  |  | 4.33 | % |  | 323 |  | $ | 20,241 |  |  | 3.47 | % |  | 345
Commercial | 7 |  | 10,093 |  |  | 5.50 | % |  | 86 |  | 9,979 |  |  | 4.48 | % |  | 60
Consumer | 17 |  | 294 |  |  | 13.72 | % |  | 69 |  | 295 |  |  | 10.12 | % |  | 78
Auto | 9 |  | 148 |  |  | 8.70 | % |  | 72 |  | 148 |  |  | 9.35 | % |  | 49
The following table presents troubled-debt restructurings for which there was a payment default during 2022 and 2021:
| 2022 |  | 2021 |  |  |
| Number of Contracts | Recorded Investment |  | Number of Contracts | Recorded Investment |  |  |  |
Mortgage | 13 |  | $ | 1,701 |  |  | 19 |  | $ | 2,488 |  |  |  |  |
Commercial | 1 |  | $ | 633 |  |  | — |  | $ | — |  |  |  |  |
Consumer | 1 |  | $ | 40 |  |  | 6 |  | $ | 76 |  |  |  |  |
Auto | — |  | $ | — |  |  | 1 |  | $ | 10 |  |  |  |  |
As of December 31, 2023 and 2022, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $24.1 million and $14.9 million, respectively. OFG commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent. Puerto Rico and the USVI require the foreclosure to be processed through the respective territory’s courts. Foreclosure timelines vary according to local law and investor guidelines. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediation, bankruptcy, court delays and property title issues. Collateral-dependent Loans The table below presents the amortized cost of commercial collateral-dependent loans held for investment at December 31, 2023 and 2022, by class of loans.
| December 31,
| 2023 |  | 2022
| (In thousands)
Commercial loans secured by real estate | $ | 8,027 |  |  | $ | 8,805 |
PCD loans, except for single-pooled loans, are not included in the table above as their unit of account is the loan pool. Credit Quality Indicators OFG categorizes its loans into loan grades based on relevant information about the ability of borrowers to service their debts, such as economic conditions, portfolio risk characteristics, prior loss experience, and the results of periodic credit reviews of individual loans. OFG uses the following definitions for loan grades: Pass: Loans classified as “pass” have a well-defined primary source of repayment very likely to be sufficient, with no apparent risk, strong financial position, minimal operating risk, profitability, liquidity and capitalization better than industry standards. Special Mention: Loans classified as “special mention” have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard: Loans classified as “substandard” are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as “doubtful” have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, questionable and improbable. Loss: Loans classified as “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future. Loans not meeting the criteria above that are analyzed individually as part of the process described above are considered to be pass loans. On January 1, 2023, OFG adopted ASU 2022-02 which requires public companies to include current year-to-date period gross charge-offs by year of origination as described in the tables below. As of December 31, 2023, and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans is as follows.
|  | Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans Amortized Cost Basis |  | Total
|  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |
|  | (In thousands)
Commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 224,598 |  |  | $ | 216,205 |  |  | $ | 195,884 |  |  | $ | 120,489 |  |  | $ | 80,671 |  |  | $ | 131,016 |  |  | $ | 65,873 |  |  | $ | 1,034,736 |
Special Mention |  | — |  |  | 1,772 |  |  | 6,554 |  |  | 5,057 |  |  | 15,676 |  |  | 12,500 |  |  | 153 |  |  | 41,712 |
Substandard |  | — |  |  | 459 |  |  | 1,386 |  |  | 1,109 |  |  | 2,615 |  |  | 11,939 |  |  | 1,236 |  |  | 18,744 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | 15 |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial secured by real estate |  | 224,598 |  |  | 218,436 |  |  | 203,824 |  |  | 126,655 |  |  | 98,962 |  |  | 155,470 |  |  | 67,262 |  |  | 1,095,207 |
Commercial secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 gross charge-offs |  | — |  |  | — |  |  | 265 |  |  | — |  |  | 94 |  |  | 820 |  |  | — |  |  | 1,179 |
Other commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 284,615 |  |  | 99,522 |  |  | 113,760 |  |  | 37,665 |  |  | 7,438 |  |  | 14,836 |  |  | 527,008 |  |  | 1,084,844 |
Special Mention |  | 8 |  |  | 2,953 |  |  | — |  |  | — |  |  | 51 |  |  | 100 |  |  | — |  |  | 3,112 |
Substandard |  | 3 |  |  | 473 |  |  | 826 |  |  | 259 |  |  | 935 |  |  | 186 |  |  | 383 |  |  | 3,065 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total other commercial and industrial: |  | 284,626 |  |  | 102,948 |  |  | 114,586 |  |  | 37,924 |  |  | 8,424 |  |  | 15,122 |  |  | 527,391 |  |  | 1,091,021 |
Other commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 gross charge-offs |  | — |  |  | 124 |  |  | 1,095 |  |  | 89 |  |  | 9 |  |  | 1,180 |  |  | — |  |  | 2,497 |
US commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 142,222 |  |  | 63,885 |  |  | 69,233 |  |  | 31,206 |  |  | 28,202 |  |  | 8,085 |  |  | 358,757 |  |  | 701,590 |
Special Mention |  | — |  |  | 7,803 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,913 |  |  | 28,716 |
Substandard |  | 10,832 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,699 |  |  | 8,391 |  |  | 24,922 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total US commercial loans: |  | 153,054 |  |  | 71,688 |  |  | 69,233 |  |  | 31,206 |  |  | 28,202 |  |  | 13,784 |  |  | 388,061 |  |  | 755,228 |
US commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 gross charge-offs |  | 33 |  |  | 1,156 |  |  | 642 |  |  | 47 |  |  | — |  |  | 8,637 |  |  | — |  |  | 10,515 |
Total commercial loans |  | $ | 662,278 |  |  | $ | 393,072 |  |  | $ | 387,643 |  |  | $ | 195,785 |  |  | $ | 135,588 |  |  | $ | 184,376 |  |  | $ | 982,714 |  |  | $ | 2,941,456 |
Total 2023 gross charge-offs |  | $ | 33 |  |  | $ | 1,280 |  |  | $ | 2,002 |  |  | $ | 136 |  |  | $ | 103 |  |  | $ | 10,637 |  |  | $ | — |  |  | $ | 14,191 |
As of December 31, 2022, and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans is as follows.
|  | Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans Amortized Cost Basis |  | Total
|  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  |
|  | (In thousands)
Commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 220,035 |  |  | $ | 177,775 |  |  | $ | 110,809 |  |  | $ | 118,518 |  |  | $ | 50,454 |  |  | $ | 159,721 |  |  | $ | 69,523 |  |  | $ | 906,835 |
Special Mention |  | 1,899 |  |  | — |  |  | 6,007 |  |  | 17,004 |  |  | 2,095 |  |  | 13,934 |  |  | 439 |  |  | 41,378 |
Substandard |  | 103 |  |  | 8,410 |  |  | 345 |  |  | 405 |  |  | 473 |  |  | 14,722 |  |  | 1,185 |  |  | 25,643 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 331 |  |  | 346 |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial secured by real estate |  | 222,037 |  |  | 186,185 |  |  | 117,161 |  |  | 135,927 |  |  | 53,022 |  |  | 188,392 |  |  | 71,478 |  |  | 974,202 |
Other commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 123,659 |  |  | 198,776 |  |  | 67,147 |  |  | 35,678 |  |  | 13,807 |  |  | 7,863 |  |  | 397,944 |  |  | 844,874 |
Special Mention |  | 3 |  |  | 60 |  |  | 31 |  |  | 654 |  |  | 1,819 |  |  | 21 |  |  | 3,823 |  |  | 6,411 |
Substandard |  | 112 |  |  | — |  |  | 260 |  |  | 472 |  |  | 280 |  |  | 74 |  |  | 1,920 |  |  | 3,118 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 39 |  |  | 39 |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total other commercial and industrial: |  | 123,774 |  |  | 198,836 |  |  | 67,438 |  |  | 36,804 |  |  | 15,906 |  |  | 7,958 |  |  | 403,726 |  |  | 854,442 |
US commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 81,155 |  |  | 92,688 |  |  | 43,965 |  |  | 33,827 |  |  | 49,356 |  |  | — |  |  | 308,183 |  |  | 609,174 |
Special Mention |  | 6,346 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,122 |  |  | 7,468 |
Substandard |  | 3,363 |  |  | — |  |  | 8,090 |  |  | — |  |  | 4,449 |  |  | — |  |  | 9,589 |  |  | 25,491 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total US commercial loans: |  | 90,864 |  |  | 92,688 |  |  | 52,055 |  |  | 33,827 |  |  | 53,805 |  |  | — |  |  | 318,894 |  |  | 642,133 |
Total commercial loans |  | $ | 436,675 |  |  | $ | 477,709 |  |  | $ | 236,654 |  |  | $ | 206,558 |  |  | $ | 122,733 |  |  | $ | 196,350 |  |  | $ | 794,098 |  |  | $ | 2,470,777 |
At December 31, 2023 and 2022, the balance of revolving commercial loans converted to term loans was $144.1 million and $78.0 million, respectively. OFG considers the performance of the loan portfolio and its impact on the ACL. For mortgage and consumer loan classes, OFG also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2023:
|  | Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans Amortized Cost Basis |  | Total
|  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |
|  | (In thousands)
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 24,623 |  |  | $ | 19,722 |  |  | $ | 23,303 |  |  | $ | 15,821 |  |  | $ | 14,589 |  |  | $ | 511,182 |  |  | $ | — |  |  | $ | 609,240 |
Nonperforming |  | — |  |  | — |  |  | 181 |  |  | 108 |  |  | 479 |  |  | 19,239 |  |  | — |  |  | 20,007 |
Total mortgage loans: |  | 24,623 |  |  | 19,722 |  |  | 23,484 |  |  | 15,929 |  |  | 15,068 |  |  | 530,421 |  |  | — |  |  | 629,247 |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 gross charge-offs |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 755 |  |  | — |  |  | 759 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | 270,883 |  |  | 186,612 |  |  | 68,133 |  |  | 19,185 |  |  | 14,460 |  |  | 6,330 |  |  | — |  |  | 565,603 |
Nonperforming |  | 503 |  |  | 1,588 |  |  | 304 |  |  | 193 |  |  | 66 |  |  | 101 |  |  | — |  |  | 2,755 |
Total personal loans |  | 271,386 |  |  | 188,200 |  |  | 68,437 |  |  | 19,378 |  |  | 14,526 |  |  | 6,431 |  |  | — |  |  | 568,358 |
Personal loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 gross charge-offs |  | 1,748 |  |  | 10,512 |  |  | 4,661 |  |  | 830 |  |  | 1,384 |  |  | 731 |  |  | — |  |  | 19,866 |
Credit lines: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,891 |  |  | 10,891 |
Nonperforming |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | 35 |
Total credit lines |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,926 |  |  | 10,926 |
Credit lines: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 419 |  |  | 419 |
Credit cards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 39,728 |  |  | 39,728 |
Nonperforming |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 586 |  |  | 586 |
Total credit cards |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 40,314 |  |  | 40,314 |
Credit cards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,825 |  |  | 2,825 |
Overdrafts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 296 |  |  | 296 |
Nonperforming |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total overdrafts |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 296 |  |  | 296 |
Overdrafts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 545 |  |  | 545 |
Total consumer loans |  | 271,386 |  |  | 188,200 |  |  | 68,437 |  |  | 19,378 |  |  | 14,526 |  |  | 6,431 |  |  | 51,536 |  |  | 619,894 |
Total consumer loans 2023 gross charge-offs |  | 1,748 |  |  | 10,512 |  |  | 4,661 |  |  | 830 |  |  | 1,384 |  |  | 731 |  |  | 3,789 |  |  | 23,655 |
Total mortgage and consumer loans |  | $ | 296,009 |  |  | $ | 207,922 |  |  | $ | 91,921 |  |  | $ | 35,307 |  |  | $ | 29,594 |  |  | $ | 536,852 |  |  | $ | 51,536 |  |  | $ | 1,249,141 |
Total mortgage and consumer loans 2023 gross charge-offs |  | $ | 1,748 |  |  | $ | 10,516 |  |  | $ | 4,661 |  |  | $ | 830 |  |  | $ | 1,384 |  |  | $ | 1,486 |  |  | $ | 3,789 |  |  | $ | 24,414 |
The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2022:
|  | Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans Amortized Cost Basis |  | Total
|  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  |
|  | (In thousands)
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 18,700 |  |  | $ | 25,274 |  |  | $ | 16,175 |  |  | $ | 15,457 |  |  | $ | 16,790 |  |  | $ | 549,885 |  |  | $ | — |  |  | $ | 642,281 |
Nonperforming |  | — |  |  | — |  |  | 110 |  |  | 574 |  |  | 241 |  |  | 32,587 |  |  | — |  |  | 33,512 |
Total mortgage loans: |  | 18,700 |  |  | 25,274 |  |  | 16,285 |  |  | 16,031 |  |  | 17,031 |  |  | 582,472 |  |  | — |  |  | 675,793 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | 284,183 |  |  | 112,591 |  |  | 31,876 |  |  | 31,850 |  |  | 12,022 |  |  | 5,768 |  |  | — |  |  | 478,290 |
Nonperforming |  | 831 |  |  | 661 |  |  | 111 |  |  | 300 |  |  | 81 |  |  | 346 |  |  | — |  |  | 2,330 |
Total personal loans |  | 285,014 |  |  | 113,252 |  |  | 31,987 |  |  | 32,150 |  |  | 12,103 |  |  | 6,114 |  |  | — |  |  | 480,620 |
Credit lines: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,710 |  |  | 12,710 |
Nonperforming |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 116 |  |  | 116 |
Total credit lines |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,826 |  |  | 12,826 |
Credit cards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,189 |  |  | 42,189 |
Nonperforming |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 683 |  |  | 683 |
Total credit cards |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,872 |  |  | 42,872 |
Overdrafts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 301 |  |  | 301 |
Nonperforming |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total overdrafts |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 301 |  |  | 301 |
Total consumer loans |  | 285,014 |  |  | 113,252 |  |  | 31,987 |  |  | 32,150 |  |  | 12,103 |  |  | 6,114 |  |  | 55,999 |  |  | 536,619 |
Total mortgage and consumer loans |  | $ | 303,714 |  |  | $ | 138,526 |  |  | $ | 48,272 |  |  | $ | 48,181 |  |  | $ | 29,134 |  |  | $ | 588,586 |  |  | $ | 55,999 |  |  | $ | 1,212,412 |
At December 31, 2023 and 2022, there were no mortgage and consumer revolving loans that converted to term loans. OFG evaluates credit quality for auto loans based on FICO score. The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2023:
| Term Loans Amortized Cost Basis by Origination Year |  | Total |  |
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |
| (In thousands) |  |
Auto loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO score: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-660 | 170,639 |  |  | 190,743 |  |  | 118,821 |  |  | 57,087 |  |  | 41,124 |  |  | 38,570 |  |  | 616,984 |  |  |
661-699 | 169,430 |  |  | 110,260 |  |  | 58,166 |  |  | 25,886 |  |  | 18,253 |  |  | 16,137 |  |  | 398,132 |  |  |
700+ | 474,005 |  |  | 323,514 |  |  | 183,286 |  |  | 103,886 |  |  | 88,929 |  |  | 58,779 |  |  | 1,232,399 |  |  |
No FICO | 6,203 |  |  | 6,537 |  |  | 4,592 |  |  | 2,200 |  |  | 3,886 |  |  | 1,597 |  |  | 25,015 |  |  |
Total auto loans | $ | 820,277 |  |  | $ | 631,054 |  |  | $ | 364,865 |  |  | $ | 189,059 |  |  | $ | 152,192 |  |  | $ | 115,083 |  |  | $ | 2,272,530 |  |  |
Auto loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 gross charge-offs | $ | 4,090 |  |  | $ | 18,142 |  |  | $ | 10,894 |  |  | $ | 4,008 |  |  | $ | 3,380 |  |  | $ | 3,250 |  |  | $ | 43,764 |  |  |
The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2022:
| Term Loans Amortized Cost Basis by Origination Year |  | Total
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |
| (In thousands)
Auto loans: |  |  |  |  |  |  |  |  |  |  |  |  |
FICO score: |  |  |  |  |  |  |  |  |  |  |  |  |
1-660 | 178,426 |  |  | 143,926 |  |  | 72,148 |  |  | 58,069 |  |  | 44,156 |  |  | 31,980 |  |  | 528,705 |
661-699 | 171,723 |  |  | 93,359 |  |  | 42,388 |  |  | 31,033 |  |  | 21,283 |  |  | 13,518 |  |  | 373,304 |
700+ | 375,845 |  |  | 235,743 |  |  | 144,783 |  |  | 135,517 |  |  | 88,597 |  |  | 47,499 |  |  | 1,027,984 |
No FICO | 7,766 |  |  | 6,553 |  |  | 3,741 |  |  | 5,873 |  |  | 3,008 |  |  | 1,323 |  |  | 28,264 |
Total auto loans | $ | 733,760 |  |  | $ | 479,581 |  |  | $ | 263,060 |  |  | $ | 230,492 |  |  | $ | 157,044 |  |  | $ | 94,320 |  |  | $ | 1,958,257 |
Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the preceding two tables. As of December 31, 2023 and 2022, accrued interest receivable on loans totaled $63.5 million and $58.1 million, respectively, and is included in the accrued interest receivable line in OFG’s consolidated statements of financial condition. Refer to “Note 12 – Accrued Interest Receivable and Other Assets” for more information on accrued interest receivable on loans.

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