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BORROWINGS AND RELATED INTEREST
 12 Months Ended
Dec. 31, 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-NY under an agreement whereby OFG is required to maintain as collateral an amount of qualifying collateral which has a fair market value that is least equal to the FHLB-NY collateral maintenance level. At December 31, 2024 and 2023, these advances were secured by mortgage and commercial loans amounting to $1.1 billion and $1.0 billion, respectively. Further, at December 31, 2024 and 2023, OFG had an additional borrowing capacity with the FHLB of $383.1 million and $446.0 million, respectively. At December 31, 2024 and 2023, the weighted average remaining maturity of FHLB advances was 4 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 $952 thousand and $768 thousand at December 31, 2024 and 2023, respectively:
December 31,
20242023
(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.56%
$270,000 $— 
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 
$325,000 $200,000 
Advances from FHLB mature as follows:
December 31,
20242023
(In thousands)
Over 90 days to one year$270,000 $— 
Over one to three years55,000 200,000 
$325,000 $200,000 
Securities Sold under Agreements to Repurchase
At December 31, 2024, securities underlying agreements to repurchase were delivered to, and are being held by, the counterparties with whom the repurchase agreements were transacted. The counterparties have agreed to resell to OFG the same or similar securities at the maturity of these agreements. The purpose of these transactions is to provide financing for OFG’s securities portfolio.
The following table shows OFG’s repurchase agreements, excluding accrued interest in the amount of $222 thousand at December 31, 2024:
December 31,
2024
(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.63%
$75,000 
Repurchase agreements’ maturities were as follows:
December 31,
2024
(In thousands)
Under 90 days$75,000 
Repurchase agreements referred to above with maturity dates up to the date of this report were renewed as short-term repurchase agreements.
The following securities were sold under agreements to repurchase:
December 31, 2024
Underlying SecuritiesAmortized Cost of Underlying SecuritiesBalance of BorrowingApproximate Fair Value of Underlying SecuritiesWeighted Average Interest Rate of Security
(In thousands)
FNMA and FHLMC Certificates$81,409 $75,000 $80,968 5.25 %
There were no repurchase agreements at December 31, 2023.