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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

The amortized cost, gross unrealized gains and losses, fair value, weighted average yield and contractual maturities of the securities owned by OFG at December 31, 2023 and 2022 were as follows:

			December 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Weighted Average Yield
			(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates
Due from 1 to 5 years			$	6,972					$	—					$	311					$	6,661					1.76		%
Due from 5 to 10 years			45,835						—						2,767						43,068						2.00		%
Due after 10 years			1,411,327						8,989						54,100						1,366,216						4.11		%
Total FNMA and FHLMC certificates			1,464,134						8,989						57,178						1,415,945						4.03		%
GNMA certificates
Due less than 1 year			5						—						—						5						1.31		%
Due from 1 to 5 years			$	8,851					$	—					$	351					$	8,500					1.71		%
Due from 5 to 10 years			17,113						16						955						16,174						2.19		%
Due after 10 years			380,306						4,419						33,110						351,615						3.38		%
Total GNMA certificates			406,275						4,435						34,416						376,294						3.30		%
CMOs issued by US government-sponsored agencies
Due from 1 to 5 years			9,071						—						364						8,707						1.78		%
Due from 5 to 10 years			54						—						—						54						2.14		%
Due after 10 years			861						—						12						849						5.07		%
Total CMOs issued by US government-sponsored agencies			9,986						—						376						9,610						2.06		%
Total mortgage-backed securities			1,880,395						13,424						91,970						1,801,849						3.86		%
Investment securities
US Treasury securities
Due less than 1 year			296,747						52						—						296,799						5.40		%
Other debt securities
Due less than 1 year			500						—						—						500						3.25		%
Due from 1 to 5 years			119						—						3						116						2.97		%
Total investment securities			297,366						52						3						297,415						5.39		%
Total securities available for sale			$	2,177,761					$	13,476					$	91,973					$	2,099,264					4.07		%
			December 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Weighted Average Yield
			(In thousands)
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates
Due after 10 years			$	314,710					$	—					$	56,767					$	257,943					1.72		%
Investment securities
US Treasury securities
Due less than 1 year			199,314						—						1,548						197,766						3.33		%
Other debt securities
Due from 1 to 5 years			35,000						55						—						35,055						6.36		%
Total securities held to maturity			$	549,024					$	55					$	58,315					$	490,764					2.60		%

			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Weighted Average Yield
			(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates
Due from 1 to 5 years			$	10,155					—						$	550					$	9,605					1.76		%
Due from 5 to 10 years			59,167						—						3,764						55,403						2.00		%
Due after 10 years			768,381						59						65,332						703,108						2.87		%
Total FNMA and FHLMC certificates			837,703						59						69,646						768,116						2.79		%
GNMA certificates
Due from 1 to 5 years			12,505						—						632						11,873						1.66		%
Due from 5 to 10 years			24,575						14						1,585						23,004						2.13		%
Due after 10 years			320,417						892						36,652						284,657						2.90		%
Total GNMA certificates			357,497						906						38,869						319,534						2.80		%
CMOs issued by US government-sponsored agencies
Due from 1 to 5 years			14,190						—						755						13,435						1.78		%
Due from 5 to 10 years			485						—						10						475						2.14		%
Due after 10 years			959						—						18						941						5.06		%
Total CMOs issued by US government-sponsored agencies			15,634						—						783						14,851						1.99		%
Total mortgage-backed securities			1,210,834						965						109,298						1,102,501						2.79		%
Investment securities
US Treasury securities
Due less than 1 year			310,862						—						1,729						309,133						3.34		%
Other debt securities
Due from 1 to 5 years			1,116						30						4						1,142						4.45		%
Total investment securities			311,978						30						1,733						310,275						3.35		%
Total securities available for sale			$	1,522,812					$	995					$	111,031					$	1,412,776					2.90		%
			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Weighted Average Yield
			(In thousands)
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates
Due after 10 years			$	337,435					$	—					$	62,358					$	275,077					1.71		%
Investment securities
US Treasury securities
Due from 1 to 5 years			197,635						—						3,526						194,109						3.36		%
Total securities held to maturity			$	535,070					$	—					$	65,884					$	469,186					2.30		%

Schedule of Gross Realized Gains and Losses by Category

						Year Ended December 31, 2023
Description						Sale Price						Book Value at Sale						Gross Gains						Gross Losses
						(In thousands)
Sale of investment securities available-for-sale
US Treasury securities						$	202,133					$	203,282					$	—					$	1,149

						Year Ended December 31, 2022
Description						Sale Price						Book Value at Sale						Gross Gains						Gross Losses
						(In thousands)
Sale of investment securities available-for-sale
US Treasury securities						$	242,126					$	242,373					$	—					$	247

						Year Ended December 31, 2021
Description						Sale Price						Book Value at Sale						Gross Gains						Gross Losses
						(In thousands)
Sale of securities available-for-sale
Mortgage-backed securities
GNMA certificates						$	2,175					$	2,156					$	19					$	—

Schedule of Unrealized Gains and Losses by Category

The following table shows OFG’s gross unrealized losses and fair value of investment securities available-for-sale at December 31, 2023 and 2022, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:

			December 31, 2023
			12 months or more
			Amortized Cost						Unrealized Loss						Fair Value
			(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates			$	731,334					$	56,847					$	674,487
GNMA certificates			275,669						34,364						241,305
CMOs issued by US Government-sponsored agencies			9,986						376						9,610
Other debt securities			119						3						116
			$	1,017,108					$	91,590					$	925,518
			December 31, 2023
			Less than 12 months
			Amortized Cost						Unrealized Loss						Fair Value
			(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates			$	106,235					$	331					$	105,904
GNMA certificates			7,864						52						7,812
			$	114,099					$	383					$	113,716
			December 31, 2023
			Total
			Amortized Cost						Unrealized Loss						Fair Value
			(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates			$	837,569					$	57,178					$	780,391
GNMA certificates			283,533						34,416						249,117
CMOs issued by US Government-sponsored agencies			9,986						376						9,610
Other debt securities			119						3						116
			$	1,131,207					$	91,973					$	1,039,234

The unrealized losses on OFG’s investment in federal agency mortgage-backed securities were caused by market volatility related to interest rate increases. OFG purchased those investments at a discount relative to their face amount, and the contractual cash flows of those investments are guaranteed by an agency of the U.S. government or by a government sponsored enterprise. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of OFG’s investments. OFG does not intend to sell the investments, and it is not more likely than not that OFG will be required to sell the investments before recovery of their amortized cost bases.

			December 31, 2022
			12 months or more
			Amortized Cost						Unrealized Loss						Fair Value
			(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies			$	337					$	7					$	330
FNMA and FHLMC certificates			88,600						18,989						69,611
GNMA certificates			82,074						14,031						68,043
			$	171,011					$	33,027					$	137,984

			December 31, 2022
			Less than 12 months
			Amortized Cost						Unrealized Loss						Fair Value
			(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies			$	15,297					$	776					$	14,521
FNMA and FHLMC certificates			745,566						50,657						694,909
GNMA certificates			251,835						24,838						226,997
US Treasury securities			310,862						1,729						309,133
Other debt securities			240						4						236
			$	1,323,800					$	78,004					$	1,245,796

			December 31, 2022
			Total
			Amortized Cost						Unrealized Loss						Fair Value
			(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies			$	15,634					$	783					$	14,851
FNMA and FHLMC certificates			834,166						69,646						764,520
GNMA certificates			333,909						38,869						295,040
US Treasury securities			310,862						1,729						309,133
Other debt securities			240						4						236
			$	1,494,811					$	111,031					$	1,383,780

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