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LOANS
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
LOANS LOANS
OFG’s loan portfolio is composed of four segments: commercial, mortgage, consumer, and auto loans. Loans are further segregated into classes which OFG uses when assessing and monitoring the risk and performance of the portfolio.
The composition of the amortized cost basis of OFG’s loan portfolio at June 30, 2024 and December 31, 2023 was as follows:
June 30, 2024December 31, 2023
Non-PCDPCDTotalNon-PCDPCDTotal
(In thousands)
Commercial PR:
Commercial secured by real estate$1,182,145 $114,516 $1,296,661 $1,095,207 $120,988 $1,216,195 
Other commercial and industrial1,109,608 14,068 1,123,676 1,091,021 14,459 1,105,480 
2,291,753 128,584 2,420,337 2,186,228 135,447 2,321,675 
Commercial US662,026 — 662,026 755,228 — 755,228 
Total commercial loans2,953,779 128,584 3,082,363 2,941,456 135,447 3,076,903 
Mortgage loans600,031 885,096 1,485,127 629,247 933,362 1,562,609 
Consumer loans:
Personal loans594,271 253 594,524 568,358 264 568,622 
Credit lines10,648 352 11,000 10,926 288 11,214 
Credit cards38,382 — 38,382 40,314 — 40,314 
Overdraft271 — 271 296 — 296 
643,572 605 644,177 619,894 552 620,446 
Auto loans2,427,089 951 2,428,040 2,272,530 1,891 2,274,421 
6,624,471 1,015,236 7,639,707 6,463,127 1,071,252 7,534,379 
Allowance for credit losses(150,849)(6,452)(157,301)(152,610)(8,496)(161,106)
Total loans held for investment, net6,473,622 1,008,784 7,482,406 6,310,517 1,062,756 7,373,273 
Mortgage loans held-for-sale8,375 — 8,375 — — — 
Other loans held-for-sale12,361 — 12,361 28,345 — 28,345 
Total loans held-for-sale20,736 — 20,736 28,345 — 28,345 
Total loans, net$6,494,358 $1,008,784 $7,503,142 $6,338,862 $1,062,756 $7,401,618 
During the six-month period ended June 30, 2024, OFG sold $40.9 million commercial loans held-for-sale and recognized a $53 thousand gain, included in other non-interest income in the consolidated statement of operations. During the six month period ended June 30, 2023, OFG sold $86 thousand commercial loans held-for-sale with no gain or loss. At June 30, 2024 and December 31, 2023, OFG had $12.4 million and $28.3 million, respectively, in commercial loans held-for-sale.
At June 30, 2024 and December 31, 2023, OFG had carrying balances of $75.8 million and $68.6 million, respectively, in loans held-for-investment granted to the Puerto Rico government or its instrumentalities as part of the commercial loan segment. The Bank’s loans to the Puerto Rico government are general obligations of municipalities secured by ad valorem taxation, without limitation as to rate or amount, on all taxable property within the issuing municipalities in current status. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations.
The tables below present the aging of the amortized cost of loans held for investment at June 30, 2024 and December 31, 2023, by class of loans. Mortgage loans past due include $19.0 million and $19.4 million of delinquent loans in the GNMA buy-back option program at June 30, 2024 and December 31, 2023, respectively. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option.
June 30, 2024
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 PR:
Commercial secured by real estate$3,533 $2,189 $6,032 $11,754 $1,170,391 $1,182,145 $— 
Other commercial and industrial704 313 3,890 4,907 1,104,701 1,109,608 — 
4,237 2,502 9,922 16,661 2,275,092 2,291,753 — 
Commercial US1,042 — — 1,042 660,984 662,026 — 
Total commercial loans5,279 2,502 9,922 17,703 2,936,076 2,953,779 — 
Mortgage loans
5,442 7,325 29,684 42,451 557,580 600,031 1,682 
Consumer loans:
Personal loans6,904 4,766 2,569 14,239 580,032 594,271 — 
Credit lines476 70 12 558 10,090 10,648 — 
Credit cards542 281 722 1,545 36,837 38,382 — 
Overdraft63 — — 63 208 271 — 
7,985 5,117 3,303 16,405 627,167 643,572 — 
Auto loans
111,291 41,526 16,689 169,506 2,257,583 2,427,089 — 
Total loans$129,997 $56,470 $59,598 $246,065 $6,378,406 $6,624,471 $1,682 
December 31, 2023
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 PR:
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 — 
2,951 702 10,645 14,298 2,171,930 2,186,228 — 
Commercial US— — — — 755,228 755,228 — 
Total commercial loans2,951 702 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 loans101,610 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 
As of December 31, 2023, total past due loans exclude $6.4 million of past due commercial loans held-for-sale, these loans were sold during the quarter ended June 30, 2024. There were no past due commercial loans held-for-sale as of June 30, 2024.

Upon adoption of the Current Expected Credit Losses (“CECL”) methodology, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, purchased credit deteriorated (“PCD”) loans are not included in the preceding two tables.

Non-accrual Loans
The following table presents the amortized cost basis of loans held for investment on non-accrual status as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
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 PR:
Commercial secured by real estate$4,789 $12,865 $17,654 $3,553 $7,929 $11,482 
Other commercial and industrial1,657 2,663 4,320 4,560 830 5,390 
6,446 15,528 21,974 8,113 8,759 16,872 
Commercial US12,503 — 12,503 19,224 — 19,224 
Total Commercial loans18,949 15,528 34,477 27,337 8,759 36,096 
Mortgage loans
9,396 3,312 12,708 10,339 3,858 14,197 
Consumer loans:
Personal loans2,564 32 2,596 2,741 14 2,755 
Personal lines of credit12 — 12 35 — 35 
Credit cards721 — 721 586 — 586 
3,297 32 3,329 3,362 14 3,376 
Auto loans16,684 5 16,689 19,051 5 19,056 
Total$48,326 $18,877 $67,203 $60,089 $12,636 $72,725 
PCD:
Commercial PR:
Commercial secured by real estate$569 $3,468 $4,037 $3,060 $2,417 $5,477 
Other commercial and industrial— 711 711 — 947 947 
569 4,179 4,748 3,060 3,364 6,424 
Mortgage loans
244 — 244 250 — 250 
Total$813 $4,179 $4,992 $3,310 $3,364 $6,674 
Total non-accrual loans$49,139 $23,056 $72,195 $63,399 $16,000 $79,399 
The determination of non-accrual or accrual status of PCD loans is made at the pool level, not the individual loan level.
For December 31, 2023, total commercial non-accrual loans excludes $6.4 million of non-accrual commercial loans held-for-sale, these loans were sold during the second quarter of 2024. There were no commercial non-accrual loans held-for-sale at June 30, 2024.
Delinquent residential mortgage loans insured or guaranteed under applicable Federal Housing Administration (“FHA”) and Veterans Administration (“VA”) programs are classified as non-performing loans when they become 90 days or more past due but are not placed in non-accrual status until they become 12 months or more past due, since they are insured loans. Therefore, those loans are included as non-performing loans but excluded from non-accrual loans.
Modifications to Debtors Experiencing Financial Difficulty
OFG’s loss mitigation program was designed to ensure that borrowers experiencing financial difficulties have the opportunity to continue paying their obligations. The loss mitigation alternatives are divided depending on the borrower’s hardship and its ability to continue with regular payment or with a new modified payment plan. The loss mitigation program provides alternatives for home retention or disposition options avoiding foreclosure proceedings and collateral retention.
OFG offers various types of loan modifications to borrowers experiencing financial difficulty in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, interest or principal forbearance or forgiveness, or any combination of these types of concessions.
At June 30, 2024 and 2023, the amortized cost of modified loans excludes $1 thousand and $5 thousand, respectively, in accrued interest receivable. Accrued interest receivable on loans is included in the “accrued interest receivable” line in OFG’s consolidated statements of financial condition. The amortized cost of modified loans during the six-month period ended June 30, 2024 and 2023, includes $229 thousand and $4.2 million, respectively, of government-guaranteed loans (e.g., FHA/VA).
The following tables present the amortized cost basis as of June 30, 2024 and 2023 of loans held for investment that were modified during the quarters and six-month periods ended June 30, 2024 and 2023, disaggregated by class of financing receivable and type of concession granted.
Quarter Ended June 30, 2024
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Mortgage loans$— — %$595 0.04 %$— — %$92 0.01 %$— — %
Auto loans32 — %— — %— — %— — %$— — %
Total$32 $595 $— $92 $— 
Six-Month Period Ended June 30, 2024
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Mortgage loans
$— — %$687 0.05 %$— — %$92 0.01 %$— — %
Consumer:
Personal loans26 — %7 — %— — %— — %— — %
Auto loans
32 — %— — %— — %— — %— — %
Total$58 $694 $— $92 — 
Quarter Ended June 30, 2023
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Commercial PR:
Commercial secured by real estate$— — %$5,341 0.48 %$— — %$— — %$— — %
Other commercial and industrial— — %147 0.01 %— — %— — %$— — %
— — %5,488 0.20 %— — %— — %— — %
Commercial US— — %— — %— — %— — %4,260 0.64 %
Total Commercial loans$— — %5,488 0.20 %— — %— — %4,260 0.64 %
Mortgage loans— — %1,827 0.11 %— — %417 0.03 %$431 0.03 %
Consumer:
Personal loans— — %— — %— — %58 0.01 %$— — %
Total$— $7,315 $— $475 $4,691 
Six-Month Period Ended June 30, 2023
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Commercial PR:
Commercial secured by real estate$— — %$5,810 0.52 %$— — %$— — %$— — %
Other commercial and industrial— — %147 0.01 %— — %— — %$— — %
— — %5,957 0.21 %— — %— — %— — %
Commercial US— — %— — %— — %— — %4,260 0.64 %
Total Commercial loans$— — %5,957 0.21 %— — %— — %4,260 0.64 %
Mortgage loans$— — %4,318 0.27 %$100 0.01 %602 0.02 %431 0.03 %
Consumer:
Personal loans— — %— — %— — %84 0.02 %— — %
Total$— $10,275 $100 $686 $4,691 
Our credit loss estimation methodology incorporates a lifetime approach, utilizing modeled loan performance based on the historical experience of loans with similar risk characteristics, adjusted for current conditions, and reasonable and supportable forecasts. The model considers extensive historical loss experience, including the impact of loss mitigation programs offered to borrowers facing financial difficulty and projected loss severity from loan defaults, and is applied consistently across all portfolio segments. Additionally, our ACL is recorded on each asset upon origination or acquisition and is based on historical loss information, including modifications made to borrowers facing financial difficulty, and expected behavior. Changes to the ACL are generally not recorded upon modification, as the effects of most modifications are already considered in the estimation methodology. Refer to Note 5 – Allowance for Credit Losses for additional information.
The following tables present the financial effect of the modifications granted to borrowers experiencing financial difficulty during the quarters and six-month periods ended June 30, 2024 and 2023. The financial effect of the combined modifications is presented separately by type of modification.
Quarter Ended June 30, 2024
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Mortgage loans
0.38 %178— 
Auto loans
3.00 %0— 
Six-Month Period Ended June 30, 2024
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Mortgage loans0.38 %176— 
Consumer loans:
Personal loans5.00 %18— 
Auto loans3.00 %0— 
Quarter Ended June 30, 2023
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial PR:
Commercial loans secured by real estate— %25$— 
Commercial US
— %312,973 
56$2,973 
Mortgage loans
1.86 %19520 
Consumer loans:
Personal loans1.25 %110— 
Six-Month Period Ended June 30, 2023
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial PR:
Commercial loans secured by real estate— %24$— 
Commercial US
— %31$2,973 
— %56$2,973 
Mortgage loans
2.04 %206$24 
Consumer loans:
Personal loans2.50 %81— 
The following table presents the amortized cost basis as of June 30, 2024 of loans held for investment that had a payment default subsequent to being granted a modification to borrowers experiencing financial difficulty in the prior twelve-months.
Twelve-Months Ended June 30, 2024
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
Interest Rate ReductionTerm ExtensionPrincipal Forgiveness/ForbearanceCombination - Term Extension and Interest Rate ReductionTotal
(In thousands)
Mortgage loans$— $108 $— $— $108 
The following table presents the amortized cost basis as of June 30, 2023 of loans held for investment that had a payment default subsequent to being granted a modification to borrowers experiencing financial difficulty in the six-month period ended June 30, 2023.
Six-Months Ended June 30, 2023
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
Interest Rate ReductionTerm ExtensionPrincipal Forgiveness/ForbearanceCombination - Term Extension and Interest Rate ReductionTotal
(In thousands)
Mortgage loans$— $415 $— $— $415 
A payment default for a financial difficulty modification loan is defined as reaching 90 days past due with respect to principal and/or interest payments or when the borrower missed three consecutive monthly payments since modification. Payment defaults is one of the factors considered when projecting future cash flows in the calculation of the allowance for credit losses of loans.
OFG closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the payment status of loans that have been modified in the twelve-months period ended June 30, 2024 and in the six-month period ended June 30, 2023 that were granted to borrowers experiencing financial difficulty.
June 30, 2024
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal
(In thousands)
Commercial loans:
Commercial PR:
Commercial loans secured by real estate$— $— $— $— $136 $136 
Other commercial and industrial— — — — 626 626 
— — — — 762 762 
Commercial US— — — — 2,711 2,711 
— — — — 3,473 3,473 
Mortgage loans315 29 108 452 1,983 2,435 
Consumer loans:
Personal loans— — — — 70 70 
Auto loans— — — — 138 138 
Total$315 $29 $108 $452 $5,664 $6,116 
June 30, 2023
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal
(In thousands)
Commercial PR:
Commercial loans secured by real estate$— $— $— $— $5,810 $5,810 
Other commercial and industrial— — — — 147 147 
Commercial US
— — — — 4,260 4,260 
— — — — 10,217 10,217 
Mortgage loans
— 122 415 537 4,914 5,451 
Consumer loans:
Personal loans— — — — 84 84 
Total$— $122 $415 $537 $15,215 $15,752 
There were no outstanding commitments to lend additional funds to debtors experiencing financial difficulties at June 30, 2024 and December 31, 2023.
As of June 30, 2024 and December 31, 2023, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $16.7 million and $24.1 million, respectively. OFG commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent. Puerto Rico and the USVI require the foreclosure to be processed through their respective courts. Foreclosure timelines vary according to local law and investor guidelines. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediation, bankruptcy, court delays and property title issues.
Collateral-dependent Loans
The table below presents the amortized cost of commercial collateral-dependent loans held for investment at June 30, 2024 and December 31, 2023, by class of loans.
June 30,December 31,
20242023
(In thousands)
Commercial PR:
Commercial loans secured by real estate$13,772 $8,027 
PCD loans, except for single-pooled loans, are not included in the table above as their unit of account is the loan pool.

Credit Quality Indicators
OFG categorizes its loans into loan grades based on relevant information about the ability of borrowers to service their debts, such as economic conditions, portfolio risk characteristics, prior loss experience, and the results of periodic credit reviews of individual loans.
OFG uses the following definitions for loan grades:
Pass: Loans classified as “pass” have a well-defined primary source of repayment very likely to be sufficient, with no apparent risk, strong financial position, minimal operating risk, profitability, liquidity and capitalization better than industry standards.
Special Mention: Loans classified as “special mention” have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.
Substandard: Loans classified as “substandard” are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful: Loans classified as “doubtful” have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, questionable and improbable.
Loss: Loans classified as “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future.
Loans not meeting the criteria above that are analyzed individually as part of the process described above are considered to be pass loans.
As of June 30, 2024, and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans, and current year-to-date period gross charge-offs by year of origination is as follows:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20242023202220212020Prior
(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass$110,497 $221,993 $223,863 $193,443 $109,474 $208,712 $61,271 $1,129,253 
Special Mention— — 7,298 6,375 4,702 13,031 113 31,519 
Substandard— 745 454 1,400 1,206 15,940 1,628 21,373 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial secured by real estate110,497 222,738 231,615 201,218 115,382 237,683 63,012 1,182,145 
Commercial secured by real estate:
YTD gross charge-offs
— — — — — 7 — 7 
Other commercial and industrial:
Loan grade:
Pass74,157 282,784 71,959 54,624 29,347 17,785 524,959 1,055,615 
Special Mention— 5 2,695 45,033 2 147 1,060 48,942 
Substandard— 142 313 914 226 1,023 2,433 5,051 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total other commercial and industrial:74,157 282,931 74,967 100,571 29,575 18,955 528,452 1,109,608 
Other commercial and industrial:
YTD gross charge-offs
114 50 237 3,307 — 11 — 3,719 
Commercial US:
Loan grade:
Pass35,163 131,419 49,463 59,225 29,467 29,215 285,887 619,839 
Special Mention— — — — — — 9,841 9,841 
Substandard6,532 6,730 2,728 7,613 — 5,698 635 29,936 
Doubtful2,410 — — — — — — 2,410 
Loss— — — — — — — — 
Total Commercial US:44,105 138,149 52,191 66,838 29,467 34,913 296,363 662,026 
Commercial US:
YTD gross charge-offs
— — 392 1,749 — 1,183 — 3,324 
Total commercial loans$228,759 $643,818 $358,773 $368,627 $174,424 $291,551 $887,827 $2,953,779 
Total YTD gross charge-offs
$114 $50 $629 $5,056 $— $1,201 $— $7,050 
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 PR:
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:
YTD 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 Mention8 2,953 — — 51 100 — 3,112 
Substandard3 473 826 259 935 186 383 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:
YTD gross charge-offs
— 124 1,095 89 9 1,180 — 2,497 
Commercial US:
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 Commercial US:153,054 71,688 69,233 31,206 28,202 13,784 388,061 755,228 
Commercial US:
YTD gross charge-offs
33 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 YTD gross charge-offs
$33 $1,280 $2,002 $136 $103 $10,637 $— $14,191 
At June 30, 2024 and December 31, 2023, the balance of revolving commercial loans converted to term loans was $177.7 million and $144.1 million, respectively.
OFG considers the performance of the loan portfolio and its impact on the ACL. For mortgage and consumer loan classes, OFG also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of June 30, 2024:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20242023202220212020Prior
(In thousands)
Mortgage loans:
Payment performance:
Performing$10,304 $17,149 $19,296 $22,321 $15,094 $498,542 $— $582,706 
Nonperforming— 650 — 172 105 16,398 — 17,325 
Total mortgage loans:10,304 17,799 19,296 22,493 15,199 514,940 — 600,031 
Mortgage loans:
YTD gross charge-offs
— — — — — 65 — 65 
Consumer loans:
Personal loans:
Payment performance:
Performing140,402 223,895 146,898 52,589 14,925 12,966 — 591,675 
Nonperforming69 820 1,105 416 76 110 — 2,596 
Total personal loans140,471 224,715 148,003 53,005 15,001 13,076 — 594,271 
Personal loans:
YTD gross charge-offs
56 4,355 6,759 2,036 425 735 — 14,366 
Credit lines:
Payment performance:
Performing— — — — — — 10,636 10,636 
Nonperforming— — — — — — 12 12 
Total credit lines— — — — — — 10,648 10,648 
Credit lines:
YTD gross charge-offs
— — — — — — 88 88 
Credit cards:
Payment performance:
Performing— — — — — — 37,661 37,661 
Nonperforming— — — — — — 721 721 
Total credit cards— — — — — — 38,382 38,382 
Credit cards:
YTD gross charge-offs
— — — — — — 1,165 1,165 
Overdrafts:
Payment performance:
Performing— — — — — — 271 271 
Nonperforming— — — — — — — — 
Total overdrafts— — — — — — 271 271 
Overdrafts:
YTD gross charge-offs
— — — — — — 542 542 
Total consumer loans140,471 224,715 148,003 53,005 15,001 13,076 49,301 643,572 
Total consumer loans YTD gross charge-offs
56 4,355 6,759 2,036 425 735 1,795 16,161 
Total mortgage and consumer loans$150,775 $242,514 $167,299 $75,498 $30,200 $528,016 $49,301 $1,243,603 
Total mortgage and consumer loans YTD gross charge-offs
$56 $4,355 $6,759 $2,036 $425 $800 $1,795 $16,226 
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:
YTD gross charge-offs
$— 4 — — — 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:
YTD gross charge-offs
1,748 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:
YTD 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:
YTD gross charge-offs
— — — — — — 2,825 2,825 
Overdrafts:
Payment performance:
Performing— — — — — — 296 $296 
Nonperforming— — — — — — — — 
Total overdrafts— — — — — — 296 296 
Overdrafts:
YTD gross charge-offs
— — — — — — 545 545 
Total consumer loans271,383 188,200 68,437 19,378 14,526 6,431 51,536 619,894 
Total consumer loans YTD 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 YTD gross charge-offs
$1,748 $10,516 $4,661 $830 $1,384 $1,486 $3,789 $24,414 
At June 30, 2024, the balance of revolving mortgage and consumer loans that converted to term loans was $788 thousand. At December 31, 2023, there were no mortgage and consumer revolving loans that converted to term loans.
OFG evaluates credit quality for auto loans based on FICO score. The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of June 30, 2024:
Term Loans
Amortized Cost Basis by Origination Year		Total
20242023202220212020Prior
(In thousands)
Auto loans:
FICO score:
1-66072,253 193,855 178,546 106,187 48,537 56,594 655,972 
661-69986,699 148,429 88,989 45,869 20,872 22,658 413,516 
700+265,909 443,723 282,292 157,960 84,776 98,252 1,332,912 
No FICO2,901 7,107 6,117 4,014 1,759 2,791 24,689 
Total auto loans
$427,762 $793,114 $555,944 $314,030 $155,944 $180,295 $2,427,089 
Auto loans:
YTD gross charge-offs
$137 $9,196 $9,310 $3,889 $1,784 $2,461 $26,777 
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:
YTD gross charge-offs
$4,090 $18,142 $10,894 $4,008 $3,380 $3,250 $43,764 
Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the preceding two tables.
As of June 30, 2024 and December 31, 2023, accrued interest receivable on loans totaled $64.0 million and $63.5 million, respectively, and is included in the accrued interest receivable line in OFG’s consolidated statements of financial condition. Refer to “Note 9 – Accrued Interest Receivable and Other Assets” for more information on accrued interest receivable on loans.