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REGULATORY CAPITAL REQUIREMENTS | 9 Months Ended
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Sep. 30, 2024
Capital Disclosure [Abstract] |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTS Regulatory Capital Requirements OFG (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal and Puerto Rico banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on OFG’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, OFG and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. OFG and the Bank have elected to exclude accumulated comprehensive income related to both available for sale securities and derivative valuations from Common Equity Tier 1 Capital. As of September 30, 2024 and December 31, 2023, OFG and the Bank met all capital adequacy requirements to which they are subject. As of September 30, 2024 and December 31, 2023, OFG and the Bank are “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” an institution must maintain minimum CET1 risk-based, Tier 1 risk-based, total risk-based, and Tier 1 leverage ratios as set forth in the tables presented below. OFG’s and the Bank’s actual capital amounts and ratios as of September 30, 2024 and December 31, 2023 were as follows:
| Actual |  | Minimum Capital Requirement (including capital conservation buffer) |  | Minimum to be Well Capitalized
| Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
| (Dollars in thousands)
OFG Bancorp Ratios |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets | $ | 1,371,041 |  |  | 15.63 | % |  | $ | 921,082 |  |  | 10.50 | % |  | $ | 877,221 |  |  | 10.00 | %
Tier 1 capital to risk-weighted assets | $ | 1,260,944 |  |  | 14.37 | % |  | $ | 745,638 |  |  | 8.50 | % |  | $ | 701,777 |  |  | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | $ | 1,260,944 |  |  | 14.37 | % |  | $ | 614,054 |  |  | 7.00 | % |  | $ | 570,193 |  |  | 6.50 | %
Tier 1 capital to average total assets | $ | 1,260,944 |  |  | 11.12 | % |  | $ | 453,398 |  |  | 4.00 | % |  | $ | 566,748 |  |  | 5.00 | %
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets | $ | 1,278,537 |  |  | 15.37 | % |  | $ | 873,369 |  |  | 10.50 | % |  | $ | 831,780 |  |  | 10.00 | %
Tier 1 capital to risk-weighted assets | $ | 1,174,205 |  |  | 14.12 | % |  | $ | 707,013 |  |  | 8.50 | % |  | $ | 665,424 |  |  | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | $ | 1,174,205 |  |  | 14.12 | % |  | $ | 582,246 |  |  | 7.00 | % |  | $ | 540,657 |  |  | 6.50 | %
Tier 1 capital to average total assets | $ | 1,174,205 |  |  | 11.03 | % |  | $ | 425,911 |  |  | 4.00 | % |  | $ | 532,389 |  |  | 5.00 | %
| Actual |  | Minimum Capital Requirement (including capital conservation buffer) |  | Minimum to be Well Capitalized
| Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
| (Dollars in thousands)
Bank Ratios |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets | $ | 1,275,292 |  |  | 14.63 | % |  | $ | 915,051 |  |  | 10.50 | % |  | $ | 871,478 |  |  | 10.00 | %
Tier 1 capital to risk-weighted assets | $ | 1,165,904 |  |  | 13.38 | % |  | $ | 740,756 |  |  | 8.50 | % |  | $ | 697,182 |  |  | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | $ | 1,165,904 |  |  | 13.38 | % |  | $ | 610,034 |  |  | 7.00 | % |  | $ | 566,460 |  |  | 6.50 | %
Tier 1 capital to average total assets | $ | 1,165,904 |  |  | 10.38 | % |  | $ | 449,116 |  |  | 4.00 | % |  | $ | 561,395 |  |  | 5.00 | %
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets | $ | 1,179,164 |  |  | 14.27 | % |  | $ | 867,797 |  |  | 10.50 | % |  | $ | 826,474 |  |  | 10.00 | %
Tier 1 capital to risk-weighted assets | $ | 1,075,487 |  |  | 13.01 | % |  | $ | 702,503 |  |  | 8.50 | % |  | $ | 661,179 |  |  | 8.00 | %
Common equity tier 1 capital to risk-weighted assets | $ | 1,075,487 |  |  | 13.01 | % |  | $ | 578,532 |  |  | 7.00 | % |  | $ | 537,208 |  |  | 6.50 | %
Tier 1 capital to average total assets | $ | 1,075,487 |  |  | 10.20 | % |  | $ | 421,660 |  |  | 4.00 | % |  | $ | 527,075 |  |  | 5.00 | %

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- Definition The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1D Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Publisher FASB -URI https://asc.fasb.org/1943274/2147477270/942-505-50-1F + Details
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