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BUSINESS SEGMENTS
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
OFG segregates its businesses into the following segments of business: Banking, Wealth Management, and Treasury. Management established the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. Other factors such as OFG’s organization, nature of its products, distribution channels and economic characteristics of the products were also considered in the determination of the reportable segments. OFG measures the performance of these segments based on pre-established goals of different financial parameters such as net
income, net interest income, loan production, and fees generated. OFG’s methodology for allocating non-interest expenses among segments is based on several factors such as revenue, employee headcount, occupied space, dedicated services or time, among others. These factors are reviewed on a periodical basis and may change if the conditions warrant.

Banking includes the Bank’s branches and traditional banking products such as deposits and commercial, consumer, auto loans, and mortgage loans. Mortgage banking activities are carried out by the Bank’s mortgage banking division, whose principal activity is to originate mortgage loans for OFG’s own portfolio. As part of its mortgage banking activities, OFG may sell loans directly into the secondary market or securitize conforming loans into mortgage-backed securities.

Wealth Management is comprised of the Bank’s trust division, Oriental Financial Services, Oriental Insurance, OFG Reinsurance and OPC. The core operations of this segment are financial planning, securities brokerage services, investment advisory services, insurance, corporate and individual trust and retirement services, as well as retirement plan administration services up to December 31, 2022, when OPC sold its retirement plan administration business.

The Treasury segment encompasses all of OFG’s asset/liability management activities, such as purchases and sales of investment securities, interest rate risk management, derivatives, and borrowings. Intersegment sales and transfers, if any, are accounted for as if the sales or transfers were to third parties, that is, at current market prices.
Following are the results of operations and the selected financial information by operating segment for 2023, 2022 and 2021:
Year Ended December 31, 2023
BankingWealth
Management		TreasuryTotalEliminationsConsolidated
Total
(In thousands)
Interest income$567,809 $28 $95,477 $663,314 $(14,434)$648,880 
Interest expense(73,480)— (28,964)(102,444)14,434 (88,010)
Net interest income494,329 28 66,513 560,870 — 560,870 
Provision for credit losses60,255 — 383 60,638 — 60,638 
Non-interest income, net
97,099 32,433 (1,151)128,381 — 128,381 
Non-interest expenses(344,488)(15,427)(3,450)(363,365)— (363,365)
Intersegment revenue1,641 — — 1,641 (1,641)— 
Intersegment expenses— (1,011)(630)(1,641)1,641 — 
Income before income taxes$188,326 $16,023 $60,899 $265,248 $— $265,248 
Income tax expense83,242 34 100 83,376 — 83,376 
Net income$105,084 $15,989 $60,799 $181,872 $— $181,872 
Total assets$9,154,201 $38,261 $3,304,204 $12,496,666 $(1,152,213)$11,344,453 
Eliminations include interest income and expense for a time deposit opened by the Bank in Oriental Overseas, an international banking entity organized pursuant to the Puerto Rico International Banking Center Regulatory Act, as amended, which operates as a unit within the Bank. The time deposit with a balance of $300.3 million and $470.2 million at December 31, 2023 and 2022, respectively, is included in the Treasury Segment with its corresponding interest expense, to fund Oriental Overseas operations, which is included in the Banking Segment with its corresponding interest income, and are eliminated in the consolidation. Interest income is accrued on the unpaid principal balance. The increase in interest income and interest expense from the prior year was mainly as a result of the FRB federal funds rate increases and higher average balance.
Year Ended December 31, 2022
BankingWealth
Management		TreasuryTotalEliminationsConsolidated
Total
(In thousands)
Interest income$465,177 $21 $56,955 $522,153 $(6,580)$515,573 
Interest expense$(31,926)$— $(8,147)$(40,073)$6,580 $(33,493)
Net interest income$433,251 $21 $48,808 $482,080 $— $482,080 
Provision for credit losses$24,111 $— $8 $24,119 $— $24,119 
Non-interest income, net
$98,407 $33,481 $(198)$131,690 $— $131,690 
Non-interest expenses$(323,125)$(19,206)$(3,215)$(345,546)$— $(345,546)
Intersegment revenue$2,187 $— $— $2,187 $(2,187)$— 
Intersegment expenses$— $(1,497)$(690)$(2,187)$2,187 $— 
Income before income taxes$186,609 $12,799 $44,697 $244,105 $— $244,105 
Income tax expense$77,731 $97 $38 $77,866 $— $77,866 
Net income$108,878 $12,702 $44,659 $166,239 $— $166,239 
Total assets$8,347,767 $23,085 $2,432,549 $10,803,401 $(984,621)$9,818,780 
Year Ended December 31, 2021
BankingWealth
Management		TreasuryTotalEliminationsConsolidated
Total
(In thousands)
Interest income$432,375 $30 $17,072 $449,477 $(278)$449,199 
Interest expense$(38,711)$— $(3,396)$(42,107)$278 $(41,829)
Net interest income$393,664 $30 $13,676 $407,370 $— $407,370 
Provision for (recapture of) credit losses$1,342 $— $(1,121)$221 $— $221 
Non-interest income, net
$98,950 $35,625 $(1,365)$133,210 $— $133,210 
Non-interest expenses$(300,568)$(20,941)$(4,247)$(325,756)$— $(325,756)
Intersegment revenue$2,355 $— $— $2,355 $(2,355)$— 
Intersegment expenses$— $(1,269)$(1,086)$(2,355)$2,355 $— 
Income before income taxes$193,059 $13,445 $8,099 $214,603 $— $214,603 
Income tax expense$68,409 $— $43 $68,452 $— $68,452 
Net income$124,650 $13,445 $8,056 $146,151 $— $146,151 
Total assets$8,041,725 $32,082 $2,894,612 $10,968,419 $(1,068,699)$9,899,720