ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2024

The following tables present the activity in OFG’s allowance for credit losses by segment for the quarters ended March 31, 2024 and 2023:


	Quarter Ended March 31, 2024
	Commercial		Mortgage		Consumer		Auto		Total
	(In thousands)
Non-PCD:
Balance at beginning of period	$	44,041	$	7,998	$	27,086	$	73,485	$	152,610
(Recapture of) provision for credit losses	(1,406)		(574)		7,655		11,078		16,753
Charge-offs	(5,316)		(64)		(7,981)		(14,218)		(27,579)
Recoveries	52		267		693		5,971		6,983
Balance at end of period	$	37,371	$	7,627	$	27,453	$	76,316	$	148,767
PCD:
Balance at beginning of period	$	1,113	$	7,351	$	7	$	25	$	8,496
Recapture of provision for credit losses	(137)		(1,268)		(23)		(56)		(1,484)
Charge-offs	—		(83)		—		(9)		(92)
Recoveries	157		638		23		58		876
Balance at end of period	$	1,133	$	6,638	$	7	$	18	$	7,796
Total allowance for credit losses at end of period	$	38,504	$	14,265	$	27,460	$	76,334	$	156,563


	Quarter Ended March 31, 2023
	Commercial		Mortgage		Consumer		Auto		Total
	(In thousands)
Non-PCD:
Balance at beginning of period	$	39,158	$	9,571	$	23,264	$	69,848	$	141,841
(Recapture of) provision for credit losses	(335)		(503)		5,974		2,896		8,032
Charge-offs	(1,375)		(201)		(5,440)		(9,479)		(16,495)
Recoveries	326		216		866		6,599		8,007
Balance at end of period	$	37,774	$	9,083	$	24,664	$	69,864	$	141,385
PCD:
Balance at beginning of period	$	1,388	$	9,359	$	14	$	71	$	10,832
Provision for (recapture of) credit losses	1,920		(814)		200		(7)		1,299
Charge-offs	(2,104)		(75)		(213)		(87)		(2,479)
Recoveries	489		247		11		100		847
Balance at end of period	$	1,693	$	8,717	$	12	$	77	$	10,499
Total allowance for credit losses at end of period	$	39,467	$	17,800	$	24,676	$	69,941	$	151,884