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BORROWINGS AND RELATED INTEREST
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
BORROWINGS AND RELATED INTEREST BORROWINGS AND RELATED INTEREST
Advances from the Federal Home Loan Bank of New York
Advances are received from the FHLB under an agreement whereby OFG is required to maintain a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At December 31, 2023 and 2022, these advances were secured by mortgage and commercial loans amounting to $1.0 billion and $951.1 million, respectively. Also, at December 31, 2023 and 2022, OFG had an additional borrowing capacity with the FHLB of $446.0 million and $628.1 million, respectively. At December 31, 2023 and 2022, the weighted average remaining maturity of FHLB advances was 1.2 years and 3 days, respectively. The original terms of the outstanding long-term advances at December 31, 2023 is 2 years.
The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $768 thousand and $103 thousand at December 31, 2023 and 2022, respectively:
December 31,
20232022
(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.46%
$— $26,613 
Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 4.52%
200,000 — 
$200,000 $26,613 
Advances from FHLB mature as follows:
December 31,
20232022
(In thousands)
Under 90 days$— $26,613 
Over one to three years200,000 — 
$200,000 $26,613