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STOCK-BASED COMPENSATION PLAN
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION PLAN STOCK-BASED COMPENSATION PLAN
The Omnibus Plan provides for stock-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, and dividend equivalents, as well as stock-based performance awards.
The activity in outstanding options for 2024, 2023, and 2022 is set forth below:
Year Ended December 31,
202420232022
Number
Of
Options		Weighted
Average
Exercise
Price		Number
Of
Options		Weighted
Average
Exercise
Price		Number
Of
Options		Weighted
Average
Exercise
Price
Beginning of year16,600 $16.92 234,950 $16.38 338,494 $15.76 
Options exercised(15,200)16.88 (218,350)16.34 (103,544)14.34 
End of year1,400 $17.44 16,600 $16.92 234,950 $16.38 
The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2024:
OutstandingExercisable
Range of Exercise PricesNumber of
Options		Weighted
Average
Exercise Price		Weighted
Average
Contract Life
Remaining
(Years)		Number of
Options		Weighted
Average
Exercise Price
16.91 to 19.71
1,400 17.44 0.21,400 17.44 
Aggregate Intrinsic Value$34,832 $34,832 
There were no options granted during 2024, 2023 and 2022. The average fair value of each option granted would have been estimated at the date of the grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no restrictions and are fully transferable and negotiable in a free trading market. Black-Scholes does not consider the employment, transfer or vesting restrictions that are inherent in OFG’s stock options. Use of an option valuation model, as required by GAAP, includes highly subjective assumptions based on long-term predictions, including the expected stock price volatility and average life of each option grant.
The following table summarizes the activity in restricted units under the Omnibus Plan for 2024, 2023 and 2022:
Year Ended December 31,
202420232022
Restricted
Units		Weighted
Average
Grant Date
Fair Value		Restricted
Units		Weighted
Average
Grant Date
Fair Value		Restricted
Units		Weighted
Average
Grant Date
Fair Value
Beginning of year410,997 $25.43 408,832 $22.27 511,740 $19.35 
Restricted units granted290,193 35.57 204,048 27.84 178,281 27.89 
Restricted units lapsed(268,406)25.31 (181,692)20.85 (277,866)17.08 
Restricted units forfeited(54,494)30.17 (20,191)25.18 (3,323)22.89 
End of year378,290 $32.61 410,997 $25.43 408,832 $22.27 
The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2024 was $7.2 million and is expected to be recognized over a weighted-average period of 1.8 years.