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BORROWINGS AND RELATED INTEREST
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, these advances were secured by mortgage and commercial loans amounting to $984.4 million and $1.0 billion, respectively. Also, at March 31, 2024 and December 31, 2023, OFG had an additional borrowing capacity with the FHLB of $457.5 million and $446.0 million, respectively. At March 31, 2024 and December 31, 2023, the weighted average remaining maturity of FHLB advances was 11 months and 1.2 years, respectively. The original terms of the outstanding long-term advances at March 31, 2024 is 2 years.
The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $766 thousand and $768 thousand at March 31, 2024 and December 31, 2023, respectively:
March 31, 2024December 31, 2023
(In thousands)
Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 4.52% (December 31, 2023 - 4.52%)
$200,000 $200,000 
Advances from FHLB mature as follows:
March 31, 2024December 31, 2023
(In thousands)
Over one to three years$200,000 $200,000