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OPERATING LEASES
 9 Months Ended
Sep. 30, 2024
Lessee Disclosure [Abstract]  
OPERATING LEASES OPERATING LEASES
Substantially all leases in which OFG is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2038. OFG’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases and are included on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. OFG leases to others certain space in its principal offices for terms extending through 2026 with two additional extension through to 2030; all are operating leases.
Operating Lease Cost
Quarter Ended September 30,Nine-Month Period Ended September 30,
2024202320242023Statement of Operations
Classification
(In thousands)
Lease costs$2,324 $5,130 $7,238 $7,738 Occupancy and equipment
Variable lease costs465 674 1,246 1,021 Occupancy and equipment
Short-term lease costs123 335 264 483 Occupancy and equipment
Lease income(13)(62)(64)(79)Occupancy and equipment
Total lease costs$2,899 $6,077 $8,684 $9,163 
Operating Lease Assets and Liabilities
September 30, 2024December 31, 2023Statement of Financial Condition Classification
(In thousands)
Right-of-use assets$20,355 $21,725 Operating lease right-of-use assets
Lease Liabilities$22,604 $24,029 Operating leases liabilities

September 30, 2024December 31, 2023
(In thousands)
Weighted-average remaining lease term4.9 years5.1 years
Weighted-average discount rate7.6 %7.0 %
Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2024 were as follows:
Minimum Rent
As of September 30, 2024(In thousands)
2024$2,152 
20257,232 
20265,063 
20274,146 
20283,239 
Thereafter5,382 
Total lease payments$27,214 
Less imputed interest4,610 
Present value of lease liabilities$22,604 
OFG, as lessor, leases and subleases real property to tenants under operating leases. As of September 30, 2024, no material lease concessions have been granted to tenants. As of September 30, 2024, OFG, as lessee, has not requested any lease concessions.