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REGULATORY CAPITAL REQUIREMENTS
 9 Months Ended
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:
ActualMinimum Capital
Requirement (including
capital conservation buffer)		Minimum to be Well
Capitalized
AmountRatioAmountRatioAmountRatio
(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 %
ActualMinimum Capital
Requirement (including
capital conservation buffer)		Minimum to be Well
Capitalized
AmountRatioAmountRatioAmountRatio
(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 %