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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2023
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS OFG grants loans to its directors and executive officers and to certain related individuals or organizations in the ordinary course of business. These loans are offered at the same terms as loans to unrelated third parties. The activity and balance of these loans for 2023, 2022, and 2021 was as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Balance at the beginning of year | $ | 32,792 |  |  | $ | 25,915 |  |  | $ | 21,112 |
New loans and disbursements | 507 |  |  | 9,706 |  |  | 8,233 |
Repayments | (5,816) |  |  | (2,829) |  |  | (3,430) |
Balance at the end of year | $ | 27,483 |  |  | $ | 32,792 |  |  | $ | 25,915 |
OFG also hired professional services amounting to $3.3 million, $4.3 million and $5.0 million for 2023, 2022, and 2021, respectively, from a related party. OFG, through its banking subsidiary, entered into a commitment to make an equity investment in a limited partnership classified as a small business investment company. The partnership is managed by a Puerto Rico limited liability company, as general partner, which is led by a group of investment professionals, including a person related to a member of OFG’s Board of Directors. OFG, as limited partner, committed to the partnership $3.0 million. At December 31, 2023 and 2022, OFG’s investment in the partnership amounted to $2.5 million and $2.4 million, respectively.

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