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OPERATING LEASES
 6 Months Ended
Jun. 30, 2024
Lessee Disclosure [Abstract]  
OPERATING LEASES OPERATING LEASES
Substantially all leases in which OFG is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2038. OFG’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases and are included on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. OFG leases to others certain space in its principal offices for terms extending through 2026; all are operating leases.
Operating Lease Cost
Quarter Ended June 30,Six-Month Period Ended June 30,
2024202320242023Statement of Operations
Classification
(In thousands)
Lease costs$2,261 $2,608 $4,914 $5,208 Occupancy and equipment
Variable lease costs370 347 781 687 Occupancy and equipment
Short-term lease costs91 148 141 305 Occupancy and equipment
Lease income(29)(17)(51)(54)Occupancy and equipment
Total lease costs$2,693 $3,086 $5,785 $6,146 
Operating Lease Assets and Liabilities
June 30, 2024December 31, 2023Statement of Financial Condition Classification
(In thousands)
Right-of-use assets$20,298 $21,725 Operating lease right-of-use assets
Lease Liabilities$22,605 $24,029 Operating leases liabilities

June 30, 2024December 31, 2023
(In thousands)
Weighted-average remaining lease term5.0 years5.1 years
Weighted-average discount rate7.5 %7.0 %
Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2024 were as follows:
Minimum Rent
As of June 30, 2024(In thousands)
2024$4,093 
20256,676 
20264,620 
20273,793 
20282,980 
Thereafter5,184 
Total lease payments$27,346 
Less imputed interest4,741 
Present value of lease liabilities$22,605 
OFG, as lessor, leases and subleases real property to tenants under operating leases. As of June 30, 2024, no material lease concessions have been granted to tenants. As of June 30, 2024, OFG, as lessee, has not requested any lease concessions.