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LOANS

12 Months Ended

Dec. 31, 2023

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

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.