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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
OFG grants loans to its directors and executive officers and to certain related individuals or organizations in the ordinary course of business. These loans are offered at the same terms as loans to unrelated third parties. The activity and balance of these loans for 2024, 2023, and 2022 was as follows:
Year Ended December 31,
202420232022
(In thousands)
Balance at the beginning of year$27,483 $32,792 $25,915 
New loans and disbursements1 507 9,706 
Repayments(507)(5,816)(2,829)
Credits of persons no longer considered related parties(26,639)— — 
Balance at the end of year$338 $27,483 $32,792 
OFG also hired professional services amounting to $3.2 million, $3.3 million and $4.3 million for 2024, 2023, and 2022, respectively, from a related party.
OFG, through its banking subsidiary, entered into a commitment to make an equity investment in a limited partnership classified as a small business investment company. The partnership is managed by a Puerto Rico limited liability company, as general partner, which is led by a group of investment professionals, including a person related to a member of OFG’s Board of Directors at that time, which retired in May 2024. OFG, as limited partner, committed to the partnership $3.0 million. At both December 31, 2024 and 2023, OFG’s investment in the partnership amounted to $2.5 million.