ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2023

The following tables present the activity in OFG’s allowance for credit losses by segment for 2023, 2022 and 2021:




















	Year Ended December 31, 2023
	Commercial		Mortgage		Consumer		Auto		Total
	(In thousands)
Non-PCD:
Balance at beginning of year	$	39,158	$	9,571	$	23,264	$	69,848	$	141,841
Provision for (recapture of) credit losses	18,200		(2,031)		23,302		22,294		61,765
Charge-offs	(14,191)		(759)		(23,655)		(43,764)		(82,369)
Recoveries	874		1,217		4,175		25,107		31,373
Balance at end of year	$	44,041	$	7,998	$	27,086	$	73,485	$	152,610
PCD:
Balance at beginning of year	$	1,388	$	9,359	$	14	$	71	$	10,832
Provision for (recapture of) credit losses	901		(2,389)		518		(518)		(1,488)
Charge-offs	(2,794)		(317)		(621)		(170)		(3,902)
Recoveries	1,618		698		96		642		3,054
Balance at end of year	$	1,113	$	7,351	$	7	$	25	$	8,496
Total allowance for credit losses at end of year	$	45,154	$	15,349	$	27,093	$	73,510	$	161,106





















	Year Ended December 31, 2022
	Commercial		Mortgage		Consumer		Auto		Total
	(In thousands)
Non-PCD:
Balance at beginning of year	$	32,262	$	15,299	$	19,141	$	65,363	$	132,065

Provision for (recapture of) credit losses	19,076		(8,758)		16,084		16,016		42,418
Charge-offs	(13,380)		(284)		(15,198)		(32,662)		(61,524)
Recoveries	1,200		3,314		3,237		21,131		28,882
Balance at end of year	$	39,158	$	9,571	$	23,264	$	69,848	$	141,841
PCD:
Balance at beginning of year	$	4,508	$	19,018	$	34	$	312	$	23,872

(Recapture of) provision for credit losses	(6,855)		(10,629)		62		(588)		(18,010)
Charge-offs	(69)		(1,695)		(176)		(310)		(2,250)
Recoveries	3,804		2,665		94		657		7,220
Balance at end of year	$	1,388	$	9,359	$	14	$	71	$	10,832
Total allowance for credit losses at end of year	$	40,546	$	18,930	$	23,278	$	69,919	$	152,673


	Year Ended December 31, 2021
	Commercial		Mortgage		Consumer		Auto		Total
			(In thousands)
Non-PCD:
Balance at beginning of year	$	45,779	$	19,687	$	25,253	$	70,296	$	161,015

(Recapture of) provision for credit losses	(7,130)		(242)		2,868		(2,373)		(6,877)
Charge-offs	(8,788)		(5,789)		(11,880)		(26,530)		(52,987)
Recoveries	2,401		1,643		2,900		23,970		30,914
Balance at end of year	$	32,262	$	15,299	$	19,141	$	65,363	$	132,065
PCD:
Balance at beginning of year	$	16,405	$	26,389	$	57	$	943	$	43,794

(Recapture of) provision for credit losses	(2,585)		11,556		(317)		(894)		7,760
Charge-offs	(12,241)		(20,350)		(22)		(946)		(33,559)
Recoveries	2,929		1,423		316		1,209		5,877

Balance at end of year	$	4,508	$	19,018	$	34	$	312	$	23,872
Total allowance for credit losses at end of year	$	36,770	$	34,317	$	19,175	$	65,675	$	155,937