XML 23 R12.htm IDEA: XBRL DOCUMENT v3.24.3
LOANS
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
LOANS LOANS
OFG’s loan portfolio is composed of four segments: commercial, mortgage, consumer, and auto loans. Loans are further segregated into classes which OFG uses when assessing and monitoring the risk and performance of the portfolio.
The composition of the amortized cost basis of OFG’s loan portfolio at September 30, 2024 and December 31, 2023 was as follows:
September 30, 2024December 31, 2023
Non-PCDPCDTotalNon-PCDPCDTotal
(In thousands)
Commercial PR:
Commercial secured by real estate$1,181,022 $107,047 $1,288,069 $1,095,207 $120,988 $1,216,195 
Other commercial and industrial1,137,942 11,982 1,149,924 1,091,021 14,459 1,105,480 
2,318,964 119,029 2,437,993 2,186,228 135,447 2,321,675 
Commercial US680,388 — 680,388 755,228 — 755,228 
Total commercial loans2,999,352 119,029 3,118,381 2,941,456 135,447 3,076,903 
Mortgage loans619,121 864,491 1,483,612 629,247 933,362 1,562,609 
Consumer loans:
Personal loans615,566 251 615,817 568,358 264 568,622 
Credit lines10,477 309 10,786 10,926 288 11,214 
Credit cards37,298 — 37,298 40,314 — 40,314 
Overdraft407 — 407 296 — 296 
663,748 560 664,308 619,894 552 620,446 
Auto loans2,483,611 664 2,484,275 2,272,530 1,891 2,274,421 
6,765,832 984,744 7,750,576 6,463,127 1,071,252 7,534,379 
Allowance for credit losses(155,133)(6,367)(161,500)(152,610)(8,496)(161,106)
Total loans held for investment, net6,610,699 978,377 7,589,076 6,310,517 1,062,756 7,373,273 
Mortgage loans held-for-sale10,908 — 10,908 — — — 
Other loans held-for-sale4,716 — 4,716 28,345 — 28,345 
Total loans held-for-sale15,624 — 15,624 28,345 — 28,345 
Total loans, net$6,626,323 $978,377 $7,604,700 $6,338,862 $1,062,756 $7,401,618 
During the nine-month period ended September 30, 2024, OFG sold $56.3 million commercial loans held-for-sale and recognized a $454 thousand gain, included in other non-interest income in the consolidated statement of operations. During the nine-month period ended September 30, 2023, OFG sold $86 thousand commercial loans held-for-sale with no gain or loss. At September 30, 2024 and December 31, 2023, OFG had $4.7 million and $28.3 million, respectively, in commercial loans held-for-sale.
At September 30, 2024 and December 31, 2023, OFG had carrying balances of $66.2 million and $68.6 million, respectively, in loans held-for-investment granted to the Puerto Rico government or its instrumentalities as part of the commercial loan segment. The Bank’s loans to the Puerto Rico government are general obligations of municipalities secured by ad valorem taxation, without limitation as to rate or amount, on all taxable property within the issuing municipalities in current status. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations.
The tables below present the aging of the amortized cost of loans held for investment at September 30, 2024 and December 31, 2023, by class of loans. Mortgage loans past due include $41.8 million and $19.4 million of delinquent loans in the GNMA buy-back option program at September 30, 2024 and December 31, 2023, respectively. During the quarter ended September 30, 2024, OFG acquired the servicing rights of a $1.7 billion mortgage loan portfolio that was being subserviced by the Bank. Defaulted loans under the GNMA buy-back option program corresponding to this servicing portfolio amounted to $24.2 million at September 30, 2024. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option.
September 30, 2024
30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal LoansLoans 90+
Days Past
Due and
Still
Accruing
(In thousands)
Commercial PR:
Commercial secured by real estate$1,457 $— $10,605 $12,062 $1,168,960 $1,181,022 $— 
Other commercial and industrial817 152 4,429 5,398 1,132,544 1,137,942 — 
2,274 152 15,034 17,460 2,301,504 2,318,964 — 
Commercial US— — — — 680,388 680,388 — 
Total commercial loans2,274 152 15,034 17,460 2,981,892 2,999,352 — 
Mortgage loans
4,277 6,545 53,933 64,755 554,366 619,121 1,799 
Consumer loans:
Personal loans8,402 4,061 2,939 15,402 600,164 615,566 — 
Credit lines70 82 73 225 10,252 10,477 — 
Credit cards582 246 597 1,425 35,873 37,298 — 
Overdraft42 — — 42 365 407 — 
9,096 4,389 3,609 17,094 646,654 663,748 — 
Auto loans
118,272 42,753 16,978 178,003 2,305,608 2,483,611 — 
Total loans$133,919 $53,839 $89,554 $277,312 $6,488,520 $6,765,832 $1,799 
December 31, 2023
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal LoansLoans 90+
Days Past
Due and
Still
Accruing
(In thousands)
Commercial PR:
Commercial secured by real estate$1,585 $411 $5,671 $7,667 $1,087,540 $1,095,207 $— 
Other commercial and industrial1,366 291 4,974 6,631 1,084,390 1,091,021 — 
2,951 702 10,645 14,298 2,171,930 2,186,228 — 
Commercial US— — — — 755,228 755,228 — 
Total commercial loans2,951 702 10,645 14,298 2,927,158 2,941,456 — 
Mortgage loans
6,107 9,596 31,557 47,260 581,987 629,247 2,478 
Consumer loans:
Personal loans6,115 4,041 2,755 12,911 555,447 568,358 — 
Credit lines137 35 35 207 10,719 10,926 — 
Credit cards657 280 586 1,523 38,791 40,314 — 
Overdraft87 14 — 101 195 296 — 
6,996 4,370 3,376 14,742 605,152 619,894 — 
Auto loans101,610 46,071 19,056 166,737 2,105,793 2,272,530 — 
Total loans$117,664 $60,739 $64,634 $243,037 $6,220,090 $6,463,127 $2,478 
As of December 31, 2023, total past due loans exclude $6.4 million of past due commercial loans held-for-sale, these loans were sold during the nine-month period ended September 30, 2024. There were no past due commercial loans held-for-sale as of September 30, 2024.

Upon adoption of the Current Expected Credit Losses (“CECL”) methodology, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, purchased credit deteriorated (“PCD”) loans are not included in the preceding two tables.
Non-accrual Loans
The following table presents the amortized cost basis of loans held for investment on non-accrual status as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
Non-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotalNon-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotal
(In thousands)(In thousands)
Non-PCD:
Commercial PR:
Commercial secured by real estate$5,388 $7,326 $12,714 $3,553 $7,929 $11,482 
Other commercial and industrial2,741 2,065 4,806 4,560 830 5,390 
8,129 9,391 17,520 8,113 8,759 16,872 
Commercial US18,579 — 18,579 19,224 — 19,224 
Total Commercial loans26,708 9,391 36,099 27,337 8,759 36,096 
Mortgage loans
10,041 3,826 13,867 10,339 3,858 14,197 
Consumer loans:
Personal loans2,958 — 2,958 2,741 14 2,755 
Credit lines73 — 73 35 — 35 
Credit cards596 — 596 586 — 586 
3,627 — 3,627 3,362 14 3,376 
Auto loans16,972 6 16,978 19,051 5 19,056 
Total$57,348 $13,223 $70,571 $60,089 $12,636 $72,725 
PCD:
Commercial PR:
Commercial secured by real estate$— $3,328 $3,328 $3,060 $2,417 $5,477 
Other commercial and industrial— 592 592 — 947 947 
— 3,920 3,920 3,060 3,364 6,424 
Mortgage loans
241 — 241 250 — 250 
Total$241 $3,920 $4,161 $3,310 $3,364 $6,674 
Total non-accrual loans$57,589 $17,143 $74,732 $63,399 $16,000 $79,399 
The determination of non-accrual or accrual status of PCD loans is made at the pool level, not the individual loan level.
For December 31, 2023, total commercial non-accrual loans exclude $6.4 million of non-accrual commercial loans held-for-sale, these loans were sold during the second quarter of 2024. There were no commercial non-accrual loans held-for-sale at September 30, 2024.
Delinquent residential mortgage loans insured or guaranteed under applicable Federal Housing Administration (“FHA”) and Veterans Administration (“VA”) programs are classified as non-performing loans when they become 90 days or more past due but are not placed in non-accrual status until they become 12 months or more past due, since they are insured loans. Therefore, those loans are included as non-performing loans but excluded from non-accrual loans.
Modifications to Debtors Experiencing Financial Difficulty
OFG’s loss mitigation program was designed to ensure that borrowers experiencing financial difficulties have the opportunity to continue paying their obligations. The loss mitigation alternatives are divided depending on the borrower’s hardship and its ability to continue with regular payment or with a new modified payment plan. The loss mitigation program provides alternatives for home retention or disposition options avoiding foreclosure proceedings and collateral retention.
OFG offers various types of loan modifications to borrowers experiencing financial difficulty in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, interest or principal forbearance or forgiveness, or any combination of these types of concessions.
At September 30, 2024 and 2023, the amortized cost of modified loans excludes $33 thousand and $110 thousand, respectively, in accrued interest receivable. Accrued interest receivable on loans is included in the “accrued interest receivable” line in OFG’s consolidated statements of financial condition. The amortized cost of modified loans during the nine-month period ended September 30, 2024 and 2023, includes $621 thousand and $4.5 million, respectively, of government-guaranteed loans (e.g., FHA/VA).
The following tables present the amortized cost basis as of September 30, 2024 and 2023 of loans held for investment that were modified during the quarters and nine-month periods ended September 30, 2024 and 2023, disaggregated by class of financing receivable and type of concession granted.
Quarter Ended September 30, 2024
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Commercial US$9,824 1.44 %$— — %$— — %$— — %$— — %
Mortgage loans— — %415 0.03 %— — %— — %123 0.01 %
Total$9,824 $415 $— $— $123 
Nine-Month Period Ended September 30, 2024
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Commercial US$9,824 1.44 %$— — %$— — %$— — %$— — %
Mortgage loans
— — %1,084 0.07 %— — %89 0.01 %123 0.01 %
Consumer:
Personal loans26 — %7 — %— — %— — %— — %
Auto loans
31 — %— — %— — %— — %— — %
Total$9,881 $1,091 $— $89 $123 
Quarter Ended September 30, 2023
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Commercial PR:
Commercial secured by real estate$— — %$629 0.06 %$— — %$— — %$— — %
Other commercial and industrial— — %36 — %— — %— — %— — %
— — %665 0.02 %— — %— — %— — %
Commercial US6,824 0.96 %— — %— — %— — %— — %
Total Commercial loans6,824 0.96 %665 0.02 %— — %— — %— — %
Mortgage loans— — %771 0.05 %— — %117 0.01 %— — %
Consumer:
Personal loans40 0.01 %— — %— — %— — %— — %
Auto loans30 — %— — %— — %— — %— — %
Total$6,894 $1,436 $— $117 $— 
Nine-Month Period Ended September 30, 2023
Interest Rate ReductionTerm Extension
Principal Forbearance / Forgiveness
Combination of Term Extension and Interest Rate Reduction
Combination of Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable		Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Commercial PR:
Commercial secured by real estate$— — %$6,328 0.56 %$— — %$— — %$— — %
Other commercial and industrial— — %80 0.01 %— — %— — %— — %
— — %6,408 0.23 %— — %— — %— — %
Commercial US6,824 0.96 %— — %— — %— — %4,286 0.61 %
Total Commercial loans6,824 — %6,408 0.23 %— — %— — %4,286 0.61 %
Mortgage loans— — %5,040 0.31 %98 0.01 %723 0.05 %447 0.03 %
Consumer:
Personal loans40 0.01 %— — %— — %82 0.01 %— — %
Auto loans30 — %— — %— — %— — %— — %
Total$6,894 $11,448 $98 $805 $4,733 
Our credit loss estimation methodology incorporates a lifetime approach, utilizing modeled loan performance based on the historical experience of loans with similar risk characteristics, adjusted for current conditions, and reasonable and supportable forecasts. The model considers extensive historical loss experience, including the impact of loss mitigation programs offered to borrowers facing financial difficulty and projected loss severity from loan defaults, and is applied consistently across all portfolio segments. Additionally, our ACL is recorded on each asset upon origination or acquisition and is based on historical loss information, including modifications made to borrowers facing financial difficulty, and expected behavior. Changes to the ACL are generally not recorded upon modification, as the effects of most modifications are already considered in the estimation methodology. Refer to Note 5 – Allowance for Credit Losses for additional information.
The following tables present the financial effect of the modifications granted to borrowers experiencing financial difficulty during the quarters and nine-month periods ended September 30, 2024 and 2023. The financial effect of the combined modifications is presented separately by type of modification.
Quarter Ended September 30, 2024
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial US0.73 %0$— 
Mortgage loans
— %19310,993 
Nine-Month Period Ended September 30, 2024
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial US0.73 %0$— 
Mortgage loans0.38 %18510,993 
Consumer loans:
Personal loans5.00 %18— 
Auto loans3.00 %0— 
Quarter Ended September 30, 2023
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial PR:
Commercial loans secured by real estate— %14$— 
Commercial US1.95 %0— 
Mortgage loans1.25 %349— 
Consumer loans:
Personal loans4.00 %0— 
Auto loans3.00 %0— 
Nine-Month Period Ended September 30, 2023
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial PR:
Commercial loans secured by real estate— %23$— 
Commercial US1.95 %312,973 
Mortgage loans1.94 %22724 
Consumer loans:
Personal loans2.98 %81— 
Auto loans
3.00 %0— 
The following table presents the amortized cost basis as of September 30, 2024 of loans held for investment that had a payment default subsequent to being granted a modification to borrowers experiencing financial difficulty in the prior twelve-months.
Twelve-Months Ended September 30, 2024
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
Interest Rate ReductionTerm ExtensionPrincipal Forgiveness/ForbearanceCombination - Term Extension and Interest Rate ReductionTotal
(In thousands)
Mortgage loans$— $107 $— $— $107 
The following table presents the amortized cost basis as of September 30, 2023 of loans held for investment that had a payment default subsequent to being granted a modification to borrowers experiencing financial difficulty in the nine-month period ended September 30, 2023.
Nine-Months Ended September 30, 2023
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
Interest Rate ReductionTerm ExtensionPrincipal Forgiveness/ForbearanceCombination - Term Extension and Interest Rate ReductionTotal
(In thousands)
Mortgage loans$— $415 $— $— $415 
A payment default for a financial difficulty modification loan is defined as reaching 90 days past due with respect to principal and/or interest payments or when the borrower missed three consecutive monthly payments since modification. Payment defaults is one of the factors considered when projecting future cash flows in the calculation of the allowance for credit losses of loans.
OFG closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the payment status of loans that have been modified in the twelve-months period ended September 30, 2024 and in the nine-month period ended September 30, 2023 that were granted to borrowers experiencing financial difficulty.
September 30, 2024
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal
(In thousands)
Commercial loans:
Commercial PR:
Other commercial and industrial$— $— $— $— $598 $598 
Commercial US— — — — 9,824 9,824 
Total Commercial loans— — — — 10,422 10,422 
Mortgage loans— 38 107 145 1,937 2,082 
Consumer loans:
Personal loans26 — — 26 7 33 
Auto loans— — — — 80 80 
Total$26 $38 $107 $171 $12,446 $12,617 
September 30, 2023
30-59 Day
Past Due		60-89 Days
Past Due		90+ Days
Past Due		Total Past
Due		CurrentTotal
(In thousands)
Commercial PR:
Commercial loans secured by real estate$— $— $— $— $6,328 $6,328 
Other commercial and industrial— — — — 80 80 
— — — — 6,408 6,408 
Commercial US— — — — 11,110 11,110 
— — — — 17,518 17,518 
Mortgage loans
566 133 415 1,114 5,194 6,308 
Consumer loans:
Personal loans— — — — 122 122 
Auto loans— — — — 30 30 
Total$566 $133 $415 $1,114 $22,864 $23,978 
There were no outstanding commitments to lend additional funds to debtors experiencing financial difficulties at September 30, 2024 and December 31, 2023.
As of September 30, 2024 and December 31, 2023, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $26.4 million and $24.1 million, respectively. OFG commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent. Puerto Rico and the USVI require the foreclosure to be processed through their respective courts. Foreclosure timelines vary according to local law and investor guidelines. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediation, bankruptcy, court delays and property title issues.
Collateral-dependent Loans
The table below presents the amortized cost of commercial collateral-dependent loans held for investment at September 30, 2024 and December 31, 2023, by class of loans.
September 30,December 31,
20242023
(In thousands)
Commercial PR:
Commercial loans secured by real estate$8,583 $8,027 
PCD loans, except for single-pooled loans, are not included in the table above as their unit of account is the loan pool.

Credit Quality Indicators
OFG categorizes its loans into loan grades based on relevant information about the ability of borrowers to service their debts, such as economic conditions, portfolio risk characteristics, prior loss experience, and the results of periodic credit reviews of individual loans.
OFG uses the following definitions for loan grades:
Pass: Loans classified as “pass” have a well-defined primary source of repayment very likely to be sufficient, with no apparent risk, strong financial position, minimal operating risk, profitability, liquidity and capitalization better than industry standards.
Special Mention: Loans classified as “special mention” have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.
Substandard: Loans classified as “substandard” are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful: Loans classified as “doubtful” have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, questionable and improbable.
Loss: Loans classified as “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future.
Loans not meeting the criteria above that are analyzed individually as part of the process described above are considered to be pass loans.
As of September 30, 2024, and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans, and current year-to-date period gross charge-offs by year of origination is as follows:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20242023202220212020Prior
(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass$138,499 $206,787 $231,378 $191,942 $106,952 $200,524 $49,560 $1,125,642 
Special Mention— 13,274 7,253 6,284 914 12,548 93 40,366 
Substandard— 729 562 1,462 1,199 9,459 1,603 15,014 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial secured by real estate138,499 220,790 239,193 199,688 109,065 222,531 51,256 1,181,022 
Commercial secured by real estate:
YTD gross charge-offs
— — — — — 7 — 7 
Other commercial and industrial:
Loan grade:
Pass146,412 276,363 50,926 52,184 25,272 15,075 516,028 1,082,260 
Special Mention— 410 3,429 45,013 — 64 1,557 50,473 
Substandard— 7 353 894 225 1,051 2,679 5,209 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total other commercial and industrial:146,412 276,780 54,708 98,091 25,497 16,190 520,264 1,137,942 
Other commercial and industrial:
YTD gross charge-offs
114 142 267 3,310 — 25 — 3,858 
Commercial US:
Loan grade:
Pass41,137 121,158 32,797 58,473 20,884 23,749 258,111 556,309 
Special Mention— — 15,977 — — — 61,383 77,360 
Substandard16,355 16,121 — 6,249 — 5,660 — 44,385 
Doubtful2,334 — — — — — — 2,334 
Loss— — — — — — — — 
Total Commercial US:59,826 137,279 48,774 64,722 20,884 29,409 319,494 680,388 
Commercial US:
YTD gross charge-offs
— — 392 1,749 — 1,183 — 3,324 
Total commercial loans$344,737 $634,849 $342,675 $362,501 $155,446 $268,130 $891,014 $2,999,352 
Total YTD gross charge-offs
$114 $142 $659 $5,059 $— $1,215 $— $7,189 
As of December 31, 2023, and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans is as follows:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20232022202120202019Prior
(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass$224,598 $216,205 $195,884 $120,489 $80,671 $131,016 $65,873 $1,034,736 
Special Mention— 1,772 6,554 5,057 15,676 12,500 153 41,712 
Substandard— 459 1,386 1,109 2,615 11,939 1,236 18,744 
Doubtful— — — — — 15 — 15 
Loss— — — — — — — — 
Total commercial secured by real estate224,598 218,436 203,824 126,655 98,962 155,470 67,262 1,095,207 
Commercial secured by real estate:
YTD gross charge-offs
— — 265 — 94 820 — 1,179 
Other commercial and industrial:
Loan grade:
Pass284,615 99,522 113,760 37,665 7,438 14,836 527,008 1,084,844 
Special Mention8 2,953 — — 51 100 — 3,112 
Substandard3 473 826 259 935 186 383 3,065 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total other commercial and industrial:284,626 102,948 114,586 37,924 8,424 15,122 527,391 1,091,021 
Other commercial and industrial:
YTD gross charge-offs
— 124 1,095 89 9 1,180 — 2,497 
Commercial US:
Loan grade:
Pass142,222 63,885 69,233 31,206 28,202 8,085 358,757 701,590 
Special Mention— 7,803 — — — — 20,913 28,716 
Substandard10,832 — — — — 5,699 8,391 24,922 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total Commercial US:153,054 71,688 69,233 31,206 28,202 13,784 388,061 755,228 
Commercial US:
YTD gross charge-offs
33 1,156 642 47 — 8,637 — 10,515 
Total commercial loans$662,278 $393,072 $387,643 $195,785 $135,588 $184,376 $982,714 $2,941,456 
Total YTD gross charge-offs
$33 $1,280 $2,002 $136 $103 $10,637 $— $14,191 
At September 30, 2024 and December 31, 2023, the balance of revolving commercial loans converted to term loans was $190.8 million and $144.1 million, respectively.
OFG considers the performance of the loan portfolio and its impact on the ACL. For mortgage and consumer loan classes, OFG also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of September 30, 2024:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20242023202220212020Prior
(In thousands)
Mortgage loans:
Payment performance:
Performing$17,753 $18,784 $21,215 $27,289 $18,507 $496,850 $— $600,398 
Nonperforming151 641 289 172 189 17,281 — 18,723 
Total mortgage loans:17,904 19,425 21,504 27,461 18,696 514,131 — 619,121 
Mortgage loans:
YTD gross charge-offs
— — — — — 102 — 102 
Consumer loans:
Personal loans:
Payment performance:
Performing215,154 198,170 129,656 46,246 13,095 10,287 — 612,608 
Nonperforming230 1,432 867 348 40 41 — 2,958 
Total personal loans215,384 199,602 130,523 46,594 13,135 10,328 — 615,566 
Personal loans:
YTD gross charge-offs
389 7,482 9,896 2,858 633 980 — 22,238 
Credit lines:
Payment performance:
Performing— — — — — — 10,404 10,404 
Nonperforming— — — — — — 73 73 
Total credit lines— — — — — — 10,477 10,477 
Credit lines:
YTD gross charge-offs
— — — — — — 114 114 
Credit cards:
Payment performance:
Performing— — — — — — 36,702 36,702 
Nonperforming— — — — — — 596 596 
Total credit cards— — — — — — 37,298 37,298 
Credit cards:
YTD gross charge-offs
— — — — — — 2,004 2,004 
Overdrafts:
Payment performance:
Performing— — — — — — 407 407 
Nonperforming— — — — — — — — 
Total overdrafts— — — — — — 407 407 
Overdrafts:
YTD gross charge-offs
— — — — — — 668 668 
Total consumer loans215,384 199,602 130,523 46,594 13,135 10,328 48,182 663,748 
Total consumer loans YTD gross charge-offs
389 7,482 9,896 2,858 633 980 2,786 25,024 
Total mortgage and consumer loans$233,288 $219,027 $152,027 $74,055 $31,831 $524,459 $48,182 $1,282,869 
Total mortgage and consumer loans YTD gross charge-offs
$389 $7,482 $9,896 $2,858 $633 $1,082 $2,786 $25,126 
The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2023:
Term Loans
Amortized Cost Basis by Origination Year		Revolving
Loans
Amortized
Cost Basis		Total
20232022202120202019Prior
(In thousands)
Mortgage loans:
Payment performance:
Performing$24,623 $19,722 $23,303 $15,821 $14,589 $511,182 $— $609,240 
Nonperforming— — 181 108 479 19,239 — 20,007 
Total mortgage loans:24,623 19,722 23,484 15,929 15,068 530,421 — 629,247 
Mortgage loans:
YTD gross charge-offs
— 4 — — — 755 — 759 
Consumer loans:
Personal loans:
Payment performance:
Performing270,883 186,612 68,133 19,185 14,460 6,330 — $565,603 
Nonperforming503 1,588 304 193 66 101 — 2,755 
Total personal loans271,386 188,200 68,437 19,378 14,526 6,431 — 568,358 
Personal loans:
YTD gross charge-offs
1,748 10,512 4,661 830 1,384 731 — 19,866 
Credit lines:
Payment performance:
Performing— — — — — — 10,891 $10,891 
Nonperforming— — — — — — 35 35 
Total credit lines— — — — — — 10,926 10,926 
Credit lines:
YTD gross charge-offs
— — — — — — 419 419 
Credit cards:
Payment performance:
Performing— — — — — — 39,728 $39,728 
Nonperforming— — — — — — 586 586 
Total credit cards— — — — — — 40,314 40,314 
Credit cards:
YTD gross charge-offs
— — — — — — 2,825 2,825 
Overdrafts:
Payment performance:
Performing— — — — — — 296 $296 
Nonperforming— — — — — — — — 
Total overdrafts— — — — — — 296 296 
Overdrafts:
YTD gross charge-offs
— — — — — — 545 545 
Total consumer loans271,383 188,200 68,437 19,378 14,526 6,431 51,536 619,894 
Total consumer loans YTD gross charge-offs
1,748 10,512 4,661 830 1,384 731 3,789 23,655 
Total mortgage and consumer loans$296,009 $207,922 $91,921 $35,307 $29,594 $536,852 $51,536 $1,249,141 
Total mortgage and consumer loans YTD gross charge-offs
$1,748 $10,516 $4,661 $830 $1,384 $1,486 $3,789 $24,414 
At September 30, 2024, the balance of revolving mortgage and consumer loans that converted to term loans was $774 thousand. At December 31, 2023, there were no mortgage and consumer revolving loans that converted to term loans.
OFG evaluates credit quality for auto loans based on FICO score. The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of September 30, 2024:
Term Loans
Amortized Cost Basis by Origination Year		Total
20242023202220212020Prior
(In thousands)
Auto loans:
FICO score:
1-660$105,309 $190,610 $171,226 $99,103 $44,862 $47,230 $658,340 
661-699129,267 134,525 79,908 41,118 18,395 18,164 421,377 
700+402,994 419,461 262,013 144,578 75,105 74,804 1,378,955 
No FICO4,096 6,938 6,189 3,697 1,576 2,443 24,939 
Total auto loans
$641,666 $751,534 $519,336 $288,496 $139,938 $142,641 $2,483,611 
Auto loans:
YTD gross charge-offs
$1,512 $15,216 $13,756 $6,327 $2,811 $3,526 $43,148 
The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2023:
Term Loans
Amortized Cost Basis by Origination Year		Total
20232022202120202019Prior
(In thousands)
Auto loans:
FICO score:
1-660$170,639 $190,743 $118,821 $57,087 $41,124 $38,570 $616,984 
661-699169,430 110,260 58,166 25,886 18,253 16,137 398,132 
700+474,005 323,514 183,286 103,886 88,929 58,779 1,232,399 
No FICO6,203 6,537 4,592 2,200 3,886 1,597 25,015 
Total auto loans
$820,277 $631,054 $364,865 $189,059 $152,192 $115,083 $2,272,530 
Auto loans:
YTD gross charge-offs
$4,090 $18,142 $10,894 $4,008 $3,380 $3,250 $43,764 
Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the preceding two tables.
As of September 30, 2024 and December 31, 2023, accrued interest receivable on loans totaled $60.1 million and $63.5 million, respectively, and is included in the accrued interest receivable line in OFG’s consolidated statements of financial condition. Refer to “Note 9 – Accrued Interest Receivable and Other Assets” for more information on accrued interest receivable on loans.