XML 60 R45.htm IDEA: XBRL DOCUMENT v3.24.0.1
LOANS (Tables)
12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Loan Portfolio
The composition of the amortized cost basis of OFG’s loan portfolio at December 31, 2023 and 2022 was as follows:
December 31, 2023December 31, 2022
Non-PCDPCDTotalNon-PCDPCDTotal
(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 industrial1,091,021 14,459 1,105,480 854,442 20,474 874,916 
US commercial loans755,228 — 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 loans568,358 264 568,622 480,620 338 480,958 
Credit lines10,926 288 11,214 12,826 300 13,126 
Credit cards40,314 — 40,314 42,872 — 42,872 
Overdraft296 — 296 301 — 301 
619,894 552 620,446 536,619 638 537,257 
Auto loans2,272,530 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, net6,310,517 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 sale28,345 — 28,345 21,088 — 21,088 
Total loans held for sale28,345  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 
Schedule of Aging of Recorded Investment in Gross Loans
December 31, 2023
30-59 Days
Past Due
60-89 Days
Past Due
90+ Days
Past Due
Total Past
Due
CurrentTotal LoansLoans 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 industrial1,366 291 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 loans6,115 4,041 2,755 12,911 555,447 568,358 — 
Credit lines137 35 35 207 10,719 10,926 — 
Credit cards657 280 586 1,523 38,791 40,314 — 
Overdraft87 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 
December 31, 2022
30-59 Day
Past Due
60-89 Days
Past Due
90+ Days
Past Due
Total Past
Due
CurrentTotal LoansLoans 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 industrial943 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 loans4,263 2,669 2,314 9,246 471,374 480,620 — 
Credit lines500 154 117 771 12,055 12,826 — 
Credit cards730 486 682 1,898 40,974 42,872 — 
Overdraft91 — 93 208 301 — 
5,584 3,311 3,113 12,008 524,611 536,619  
Auto loans75,237 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 
Schedule of Investment in Loans on Non-Accrual Status
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, 2023December 31, 2022
Non-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotalNon-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotal
(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 industrial4,560 830 5,390 2,769 885 3,654 
US commercial loans19,224 — 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 loans2,741 14 2,755 1,950 379 2,329 
Personal lines of credit35 — 35 116 — 116 
Credit cards586 — 586 683 — 683 
3,362 14 3,376 2,749 379 3,128 
Auto loans19,051 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 
Schedule of Troubled Debt Restructurings
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 loans6,649 0.88 %
Consumer loans:
Personal loans37 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 industrial689 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 loans80 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$4,623 
Year Ended December 31, 2023
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial loans:
Commercial loans secured by real estate— %23$— 
US Commercial loans1.95 %312,973 
— %54$2,973 
Mortgage loans
1.94 %213$24 
Consumer loans:
Personal loans2.98 %81$— 
Auto loans
3.00 %0$— 
The following table presents the troubled-debt restructurings in all loan portfolios as of December 31, 2022:
December 31, 2022
AccruingNon-accruingTotalRelated Allowance
(In thousands)
Commercial loans:
Commercial secured by real estate$31,437 $13,187 $44,624 $181 
Other commercial and industrial2,272 354 2,626 42 
US commercial loans7,132 — 7,132 89 
40,841 13,541 54,382 312 
Mortgage loans
102,387 6,773 109,160 2,495 
Consumer loans:
Personal loans1,850 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 rateMaturity or term extensionCombination of reduction in interest rate and extension of maturityForbearanceTotal
(In thousands)
Commercial loans:
Commercial secured by real estate$7,746 $29,454 $7,424 $— $44,624 
Other commercial and industrial785 1,367 474 — 2,626 
US commercial loans7,132 — — — 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 loans825 176 793 71 1,865 
Auto loans
39  20 18 77 
Total loans$48,236 $39,017 $43,905 $34,326 $165,484 
Loan modifications that were considered TDR loans completed during 2022 and 2021:
Year Ended December 31, 2022
Number of contractsPre-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)
Mortgage103$12,580 4.63 %258$13,199 3.79 %342
Commercial538,873 3.57 %13138,729 3.64 %184
Consumer477 13.42 %7477 10.41 %70
Year Ended December 31, 2021
Number of contractsPre-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)
Mortgage160$20,077 4.33 %323$20,241 3.47 %345
Commercial710,093 5.50 %869,979 4.48 %60
Consumer17294 13.72 %69295 10.12 %78
Auto
9148 8.70 %72148 9.35 %49
The following table presents troubled-debt restructurings for which there was a payment default during 2022 and 2021:
20222021
Number of ContractsRecorded InvestmentNumber of ContractsRecorded Investment
Mortgage13 $1,701 19 $2,488 
Commercial$633 — $— 
Consumer$40 $76 
Auto
— $— $10 
Financing Receivable, Modified, Past Due The following table presents an aging of the loans held for investment that have been modified during 2023.
December 31, 2023
30-59 Day
Past Due
60-89 Days
Past Due
90+ Days
Past Due
Total Past
Due
CurrentTotal
(In thousands)
Commercial loans:
Commercial loans secured by real estate$— $— $— $— $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 
Schedule of the Amortized Cost of Collateral-Dependent Loans Held for Investment
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,
20232022
(In thousands)
Commercial loans secured by real estate$8,027 $8,805 
Schedule of Credit Quality Indicators of Loans
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
20232022202120202019Prior
(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 estate224,598 218,436 203,824 126,655 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:
Pass284,615 99,522 113,760 37,665 7,438 14,836 527,008 1,084,844 
Special Mention2,953 — — 51 100 — 3,112 
Substandard473 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 1,180 — 2,497 
US commercial loans:
Loan grade:
Pass142,222 63,885 69,233 31,206 28,202 8,085 358,757 701,590 
Special Mention— 7,803 — — — — 20,913 28,716 
Substandard10,832 — — — — 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-offs33 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
20222021202020192018Prior
(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 Mention1,899 — 6,007 17,004 2,095 13,934 439 41,378 
Substandard103 8,410 345 405 473 14,722 1,185 25,643 
Doubtful— — — — — 15 331 346 
Loss— — — — — — — — 
Total commercial secured by real estate222,037 186,185 117,161 135,927 53,022 188,392 71,478 974,202 
Other commercial and industrial:
Loan grade:
Pass123,659 198,776 67,147 35,678 13,807 7,863 397,944 844,874 
Special Mention60 31 654 1,819 21 3,823 6,411 
Substandard112 — 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:
Pass81,155 92,688 43,965 33,827 49,356 — 308,183 609,174 
Special Mention6,346 — — — — — 1,122 7,468 
Substandard3,363 — 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 
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
20232022202120202019Prior
(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— — — — 755 — 759 
Consumer loans:
Personal loans:
Payment performance:
Performing270,883 186,612 68,133 19,185 14,460 6,330 — 565,603 
Nonperforming503 1,588 304 193 66 101 — 2,755 
Total personal loans271,386 188,200 68,437 19,378 14,526 6,431 — 568,358 
Personal loans:
2023 gross charge-offs1,748 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 loans271,386 188,200 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
20222021202020192018Prior
(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:
Performing284,183 112,591 31,876 31,850 12,022 5,768 — 478,290 
Nonperforming831 661 111 300 81 346 — 2,330 
Total personal loans285,014 113,252 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 loans285,014 113,252 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 
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
20232022202120202019Prior
(In thousands)
Auto loans:
FICO score:
1-660170,639 190,743 118,821 57,087 41,124 38,570 616,984 
661-699169,430 110,260 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 FICO6,203 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
20222021202020192018Prior
(In thousands)
Auto loans:
FICO score:
1-660178,426 143,926 72,148 58,069 44,156 31,980 528,705 
661-699171,723 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 FICO7,766 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 
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
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 ReductionTerm ExtensionPrincipal Forgiveness/ForbearanceCombination - Term Extension and Interest Rate ReductionTotal
(In thousands)
Mortgage loans
$ $704 $ $ $704