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OPERATING LEASES
 12 Months Ended
Dec. 31, 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
Year Ended December 31,
202420232022Statement of Operations
Classification
(In thousands)
Lease costs$9,474 $10,414 $10,467 Occupancy and equipment
Variable lease costs1,697 1,452 1,529 Occupancy and equipment
Short-term lease costs384 529 565 Occupancy and equipment
Lease income(77)(123)(226)Occupancy and equipment
Total lease costs$11,478 $12,272 $12,335 
Operating Lease Assets and Liabilities
December 31,
20242023Statement of Financial Condition Classification
(In thousands)
Right-of-use assets$19,197 $21,725 Operating lease right-of-use assets
Lease Liabilities$21,388 $24,029 Operating leases liabilities

December 31,
20242023
(In thousands)
Weighted-average remaining lease term4.8 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 December 31, 2024 were as follows:
Minimum Rent
As of December 31, 2024(In thousands)
2025$7,434 
20265,265 
20274,331 
20283,239 
20291,848 
Thereafter3,535 
Total lease payments$25,652 
Less imputed interest4,264 
Present value of lease liabilities$21,388 
OFG, as lessor, leases and subleases real property to tenants under operating leases. As of December 31, 2024, no material lease concessions have been granted to tenants. As of December 31, 2024, OFG, as lessee, has not requested any lease concessions.