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BORROWINGS AND RELATED INTEREST
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
BORROWINGS AND RELATED INTEREST BORROWINGS AND RELATED INTEREST
Advances from the Federal Home Loan Bank of New York
Advances are received from the FHLB under an agreement whereby OFG is required to maintain a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At September 30, 2024 and December 31, 2023, these advances were secured by mortgage and commercial loans amounting to $874.3 million and $1.0 billion, respectively. Also, at September 30, 2024 and December 31, 2023, OFG had an additional borrowing capacity with the FHLB of $402.8 million and $446.0 million, respectively. At September 30, 2024 and December 31, 2023, the weighted average remaining maturity of FHLB advances was 7 months and 1.2 years, respectively.
The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $827 thousand and $768 thousand at September 30, 2024 and December 31, 2023, respectively:
September 30, 2024December 31, 2023
(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.56%
$215,000 $— 
Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 3.79% (December 31, 2023 - 4.52%)
55,000 200,000 
$270,000 $200,000 
Advances from FHLB mature as follows:
September 30, 2024December 31, 2023
(In thousands)
Under 90 days$15,000 $— 
Over 90 days to one year200,000 $— 
Over one to three years55,000 200,000 
$270,000 $200,000