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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investment Securities | The amortized cost, gross unrealized gains and losses, fair value, weighted average yield and contractual maturities of the securities owned by OFG at September 30, 2024 and December 31, 2023 were as follows:
| September 30, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Available-for-sale |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | $ | 13,748 |  |  | $ | — |  |  | $ | 427 |  |  | $ | 13,321 |  |  | 2.08 | %
Due from 5 to 10 years | 28,114 |  |  | — |  |  | 1,321 |  |  | 26,793 |  |  | 1.91 | %
Due after 10 years | 1,774,062 |  |  | 23,652 |  |  | 38,846 |  |  | 1,758,868 |  |  | 4.42 | %
Total FNMA and FHLMC certificates | 1,815,924 |  |  | 23,652 |  |  | 40,594 |  |  | 1,798,982 |  |  | 4.36 | %
GNMA certificates |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 7,131 |  |  | — |  |  | 195 |  |  | 6,936 |  |  | 1.73 | %
Due from 5 to 10 years | 12,344 |  |  | 14 |  |  | 515 |  |  | 11,843 |  |  | 2.25 | %
Due after 10 years | 423,810 |  |  | 9,220 |  |  | 28,906 |  |  | 404,124 |  |  | 3.61 | %
Total GNMA certificates | 443,285 |  |  | 9,234 |  |  | 29,616 |  |  | 422,903 |  |  | 3.54 | %
CMOs issued by US government-sponsored agencies |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 5,901 |  |  | — |  |  | 151 |  |  | 5,750 |  |  | 1.78 | %
Due after 10 years | 769 |  |  | — |  |  | 5 |  |  | 764 |  |  | 5.06 | %
Total CMOs issued by US government-sponsored agencies | 6,670 |  |  | — |  |  | 156 |  |  | 6,514 |  |  | 2.16 | %
Total mortgage-backed securities | 2,265,879 |  |  | 32,886 |  |  | 70,366 |  |  | 2,228,399 |  |  | 4.19 | %
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 1,135 |  |  | 1 |  |  | — |  |  | 1,136 |  |  | 4.88 | %
Other debt securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 500 |  |  | — |  |  | — |  |  | 500 |  |  | 3.25 | %
Due from 1 to 5 years | 68 |  |  | — |  |  | 1 |  |  | 67 |  |  | 2.97 | %
Total other debt securities | 568 |  |  | — |  |  | 1 |  |  | 567 |  |  | 3.22 | %
Total investment securities | 1,703 |  |  | 1 |  |  | 1 |  |  | 1,703 |  |  | 4.32 | %
Total securities available for sale | $ | 2,267,582 |  |  | $ | 32,887 |  |  | $ | 70,367 |  |  | $ | 2,230,102 |  |  | 4.19 | %
| September 30, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Held-to-maturity |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due after 10 years | $ | 297,713 |  |  | $ | — |  |  | $ | 48,515 |  |  | $ | 249,198 |  |  | 1.73 | %
Investment securities |  |  |  |  |  |  |  |  |
Other debt securities |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 35,000 |  |  | 51 |  |  | — |  |  | 35,051 |  |  | 6.20 | %
Total securities held to maturity | $ | 332,713 |  |  | $ | 51 |  |  | $ | 48,515 |  |  | $ | 284,249 |  |  | 2.20 | %
| December 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Available-for-sale |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | $ | 6,972 |  |  | — |  |  | $ | 311 |  |  | $ | 6,661 |  |  | 1.76 | %
Due from 5 to 10 years | 45,835 |  |  | — |  |  | 2,767 |  |  | 43,068 |  |  | 2.00 | %
Due after 10 years | 1,411,327 |  |  | 8,989 |  |  | 54,100 |  |  | 1,366,216 |  |  | 4.11 | %
Total FNMA and FHLMC certificates | 1,464,134 |  |  | 8,989 |  |  | 57,178 |  |  | 1,415,945 |  |  | 4.03 | %
GNMA certificates |  |  |  |  |  |  |  |  |
Due less than 1 year | 5 |  |  | — |  |  | — |  |  | 5 |  |  | 1.31 | %
Due from 1 to 5 years | 8,851 |  |  | — |  |  | 351 |  |  | 8,500 |  |  | 1.71 | %
Due from 5 to 10 years | 17,113 |  |  | 16 |  |  | 955 |  |  | 16,174 |  |  | 2.19 | %
Due after 10 years | 380,306 |  |  | 4,419 |  |  | 33,110 |  |  | 351,615 |  |  | 3.38 | %
Total GNMA certificates | 406,275 |  |  | 4,435 |  |  | 34,416 |  |  | 376,294 |  |  | 3.30 | %
CMOs issued by US government-sponsored agencies |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 9,071 |  |  | — |  |  | 364 |  |  | 8,707 |  |  | 1.78 | %
Due from 5 to 10 years | 54 |  |  | — |  |  | — |  |  | 54 |  |  | 2.14 | %
Due after 10 years | 861 |  |  | — |  |  | 12 |  |  | 849 |  |  | 5.07 | %
Total CMOs issued by US government-sponsored agencies | 9,986 |  |  | — |  |  | 376 |  |  | 9,610 |  |  | 2.06 | %
Total mortgage-backed securities | 1,880,395 |  |  | 13,424 |  |  | 91,970 |  |  | 1,801,849 |  |  | 3.86 | %
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities due less than 1 year | 296,747 |  |  | 52 |  |  | — |  |  | 296,799 |  |  | 5.40 | %
Other debt securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 500 |  |  | — |  |  | — |  |  | 500 |  |  | 3.25 | %
Due from 1 to 5 years | 119 |  |  | — |  |  | 3 |  |  | 116 |  |  | 2.97 | %
Total other debt securities | 619 |  |  | — |  |  | 3 |  |  | 616 |  |  | 3.20 | %
Total investment securities | 297,366 |  |  | 52 |  |  | 3 |  |  | 297,415 |  |  | 5.39 | %
Total securities available for sale | $ | 2,177,761 |  |  | $ | 13,476 |  |  | $ | 91,973 |  |  | $ | 2,099,264 |  |  | 4.07 | %
| December 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Weighted Average Yield
| (In thousands)
Held-to-maturity |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  |  |  |  |  |  |  |  |
Due after 10 years | $ | 314,710 |  |  | $ | — |  |  | $ | 56,767 |  |  | $ | 257,943 |  |  | 1.72 | %
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities |  |  |  |  |  |  |  |  |
Due less than 1 year | 199,314 |  |  | — |  |  | 1,548 |  |  | 197,766 |  |  | 3.33 | %
Other debt securities |  |  |  |  |  |  |  |  |
Due from 1 to 5 years | 35,000 |  |  | 55 |  |  | — |  |  | 35,055 |  |  | 6.36 | %
Total securities held to maturity | $ | 549,024 |  |  | $ | 55 |  |  | $ | 58,315 |  |  | $ | 490,764 |  |  | 2.60 | %
Schedule of Gross Realized Gains and Losses by Category |
|  | Nine-Month Period Ended September 30, 2024 |
Description |  | Sale Price |  | Book Value at Sale |  | Gross Gains |  | Gross Losses |
|  | (In thousands) |
Sale of investment securities available-for-sale |  |  |  |  |  |  |  |  |
Investment securities |  |  |  |  |  |  |  |  |
US Treasury securities |  | $ | 149,406 |  |  | $ | 149,413 |  |  | $ | — |  |  | $ | 7 |  |
|  | Nine-Month Period Ended September 30, 2023
Description |  | Sale Price |  | Book Value at Sale |  | Gross Gains |  | Gross Losses
|  | (In thousands)
Sale of investment securities available-for-sale |  |  |  |  |  |  |  |
Investment securities |  |  |  |  |  |  |  |
US Treasury securities |  | $ | 202,133 |  |  | $ | 203,282 |  |  | $ | — |  |  | $ | 1,149 |
Schedule of Unrealized Gains and Losses by Category | The following table shows OFG’s gross unrealized losses and fair value of investment securities available-for-sale at September 30, 2024 and December 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
| September 30, 2024
| 12 months or more
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
FNMA and FHLMC certificates | $ | 663,730 |  |  | $ | 40,594 |  |  | $ | 623,136 |
GNMA certificates | 245,156 |  |  | 29,616 |  |  | 215,540 |
CMOs issued by US Government-sponsored agencies | 6,670 |  |  | 156 |  |  | 6,514 |
Other debt securities | 68 |  |  | 1 |  |  | 67 |
| $ | 915,624 |  |  | $ | 70,367 |  |  | $ | 845,257 |
There were no investment securities available-for-sale at September 30, 2024 with unrealized losses under 12 months.
| December 31, 2023
| 12 months or more
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
FNMA and FHLMC certificates | $ | 731,334 |  |  | $ | 56,847 |  |  | $ | 674,487 |
GNMA certificates | 275,669 |  |  | 34,364 |  |  | 241,305 |
CMOs issued by US Government-sponsored agencies | 9,986 |  |  | 376 |  |  | 9,610 |
Other debt securities | 119 |  |  | 3 |  |  | 116 |
| $ | 1,017,108 |  |  | $ | 91,590 |  |  | $ | 925,518 |
| December 31, 2023
| Less than 12 months
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
FNMA and FHLMC certificates | $ | 106,235 |  |  | $ | 331 |  |  | $ | 105,904 |
GNMA certificates | 7,864 |  |  | 52 |  |  | 7,812 |
| $ | 114,099 |  |  | $ | 383 |  |  | $ | 113,716 |
| December 31, 2023
| Total
| Amortized Cost |  | Unrealized Loss |  | Fair Value
| (In thousands)
Securities available-for-sale |  |  |  |  |
FNMA and FHLMC certificates | $ | 837,569 |  |  | $ | 57,178 |  |  | $ | 780,391 |
GNMA certificates | 283,533 |  |  | 34,416 |  |  | 249,117 |
CMOs issued by US Government-sponsored agencies | 9,986 |  |  | 376 |  |  | 9,610 |
Other debt securities | 119 |  |  | 3 |  |  | 116 |
| $ | 1,131,207 |  |  | $ | 91,973 |  |  | $ | 1,039,234 |

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