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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities on Recurring and Non-Recurring Basis
Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below:
June 30, 2024
Fair Value Measurements
Level 1Level 2Level 3Total
(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale$200,658 $1,895,648 $— $2,096,306 
Trading securities— 16 — 16 
Money market investments5,083 — — 5,083 
Servicing assets— — 49,789 49,789 
$205,741 $1,895,664 $49,789 $2,151,194 
Non-recurring fair value measurements:
Collateral dependent loans$— $— $13,772 $13,772 
Foreclosed real estate— — 6,526 6,526 
Other repossessed assets— — 5,713 5,713 
Mortgage loans held for sale— — 8,375 8,375 
Other loans held for sale— — 12,361 12,361 
$— $— $46,747 $46,747 
December 31, 2023
Fair Value Measurements
Level 1Level 2Level 3Total
(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale$296,799 $1,802,465 $— $2,099,264 
Trading securities— 13 — 13 
Money market investments4,623 — — 4,623 
Servicing assets— — 49,520 49,520 
$301,422 $1,802,478 $49,520 $2,153,420 
Non-recurring fair value measurements:
Collateral dependent loans$— $— $8,027 $8,027 
Foreclosed real estate— — 10,780 10,780 
Other repossessed assets— — 4,032 4,032 
Other loans held for sale$— $— $28,345 28,345 
$— $— $51,184 $51,184 
Schedule of Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)
The tables below present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for June 30, 2024 and 2023:
Level 3 Instruments Only
Quarter Ended June 30,
20242023
Servicing AssetsOther debt securities available for saleServicing AssetsTotal
(In thousands)
Balance at beginning period$49,553 $413 $49,345 $49,758 
New instruments acquired303 — 791 791 
Principal repayments and amortization(732)— (1,085)(1,085)
Gains included in earnings665 — 915 915 
Gains included in other comprehensive income— 7 — 7 
Balance at end of period$49,789 $420 $49,966 $50,386 
Six-Month Period Ended June 30,
20242023
Servicing AssetsOther debt securities available for saleServicing AssetsTotal
(In thousands)
Balance at beginning of period$49,520 $406 $50,921 $51,327 
New instruments acquired830 — 1,365 1,365 
Principal repayments and amortization(1,652)— (2,150)(2,150)
Gains included in earnings
1,091 — (170)(170)
Gains included in other comprehensive income— 14 — 14 
Balance at end of period$49,789 $420 $49,966 $50,386 
Schedule of Qualitative Information for Assets and Liabilities The table below presents quantitative information for all assets measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at June 30, 2024 and December 31, 2023:
June 30, 2024
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(In thousands)
Servicing assets$49,789 Cash flow valuationConstant prepayment rate
1.49% - 11.45%
6.07 %
Discount rate
10.00% - 15.50%
11.45 %
Collateral dependent loans$13,772 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
17.67 %
Foreclosed real estate$6,526 Fair value of property
or collateral		Appraised value less disposition costs
10.00% - 33.00%
10.95 %
Other repossessed assets$5,713 Fair value of property
or collateral		Estimated net realizable value less disposition costs
36.00% - 71.00%
55.48 %
Mortgage loans held for sale$8,375 Market pricesPricing and execution whole loan
92.89% - 101.33%
98.25 %
Other loans held for sale$12,361 Bids or sales contract pricesEstimated market value
100.00% - 104.47%
100.48 %
December 31, 2023
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(In thousands)
Servicing assets$49,520 Cash flow valuationConstant prepayment rate
1.35% - 17.34%
6.12 %
Discount rate
10.00% - 15.50%
11.45 %
Collateral dependent loans$8,027 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
17.00 %
Foreclosed real estate$10,780 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
12.67 %
Other repossessed assets$4,032 Fair value of property
or collateral		Estimated net realizable value less disposition costs
31.00% - 77.00%
57.72 %
Other loans held for sale$28,345 Bids or sales contract pricesEstimated market value
52.00% - 103.20%
84.80%
Schedule of Estimated Fair Value and Carrying Value
The estimated fair value and carrying value of OFG’s financial instruments at June 30, 2024 and December 31, 2023 was as follows:
June 30, 2024December 31, 2023
Fair
Value		Carrying
Value		Fair
Value		Carrying
Value
(In thousands)
Financial Assets:
Level 1
Cash and cash equivalents$740,429 $740,429 $748,173 $748,173 
Investment securities available-for-sale$200,658 $200,658 $296,799 $296,799 
Level 2
Financial Assets:
Trading securities$16 $16 $13 $13 
Investment securities available-for-sale$1,895,648 $1,895,648 $1,802,465 $1,802,465 
Investment securities held-to-maturity$244,365 $303,621 $455,709 $514,024 
Federal Home Loan Bank (FHLB) stock$15,280 $15,280 $14,488 $14,488 
Equity securities$25,794 $25,794 $23,981 $23,981 
Level 3
Financial Assets:
Investment securities held-to-maturity$35,072 $35,000 $35,055 $35,000 
Total loans (including loans held-for-sale)$7,410,349 $7,503,142 $7,282,214 $7,401,618 
Accrued interest receivable$72,969 $72,969 $71,400 $71,400 
Servicing assets$49,789 $49,789 $49,520 $49,520 
Accounts receivable and other assets$56,760 $56,760 $47,859 $47,589 
Financial Liabilities:
Deposits$9,622,547 $9,605,250 $9,767,068 $9,762,169 
Advances from FHLB$198,937 $200,741 $199,184 $200,768 
Other borrowings$— $— $2 $2 
Accrued expenses and other liabilities$140,410 $140,410 $115,985 $115,985