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BORROWINGS AND RELATED INTEREST
 6 Months Ended
Jun. 30, 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 both June 30, 2024 and December 31, 2023, these advances were secured by mortgage and commercial loans amounting to $1.0 billion. Also, at June 30, 2024 and December 31, 2023, OFG had an additional borrowing capacity with the FHLB of $451.6 million and $446.0 million, respectively. At June 30, 2024 and December 31, 2023, the weighted average remaining maturity of FHLB advances was 8 months and 1.2 years, respectively. The original terms of the outstanding advance at June 30, 2024 due on March 2025 was 2 years.
The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $741 thousand and $768 thousand at June 30, 2024 and December 31, 2023, respectively:
June 30, 2024December 31, 2023
(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.52%
$200,000 $— 
Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 4.52%
— 200,000 
$200,000 $200,000 
Advances from FHLB mature as follows:
June 30, 2024December 31, 2023
(In thousands)
Due less than one year$200,000 $— 
Over one to three years— 200,000 
$200,000 $200,000