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LOANS (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Loan Portfolio

The composition of the amortized cost basis of OFG’s loan portfolio at December 31, 2024 and 2023 was as follows:

			December 31, 2024																		December 31, 2023
			Non-PCD						PCD						Total						Non-PCD						PCD						Total
			(In thousands)
Commercial PR:
Commercial secured by real estate			$	1,222,395					$	77,196					$	1,299,591					$	1,095,207					$	120,988					$	1,216,195
Other commercial and industrial			1,087,886						11,533						1,099,419						1,091,021						14,459						1,105,480
			2,310,281						88,729						2,399,010						2,186,228						135,447						2,321,675
Commercial US			704,081						—						704,081						755,228						—						755,228
Total commercial loans			3,014,362						88,729						3,103,091						2,941,456						135,447						3,076,903
Mortgage loans			628,853						841,964						1,470,817						629,247						933,362						1,562,609
Consumer loans:
Personal loans			620,430						245						620,675						568,358						264						568,622
Credit lines			10,126						353						10,479						10,926						288						11,214
Credit cards			36,956						—						36,956						40,314						—						40,314
Overdraft			451						—						451						296						—						296
			667,963						598						668,561						619,894						552						620,446
Auto loans			2,549,033						460						2,549,493						2,272,530						1,891						2,274,421
			6,860,211						931,751						7,791,962						6,463,127						1,071,252						7,534,379
Allowance for credit losses			(170,709)						(5,154)						(175,863)						(152,610)						(8,496)						(161,106)
Total loans held for investment, net			6,689,502						926,597						7,616,099						6,310,517						1,062,756						7,373,273
Mortgage loans held-for-sale			13,286						—						13,286						—						—						—
Other loans held-for-sale			4,446						—						4,446						28,345						—						28,345
Total loans held-for-sale			17,732						—						17,732						28,345						—						28,345
Total loans, net			$	6,707,234					$	926,597					$	7,633,831					$	6,338,862					$	1,062,756					$	7,401,618

Schedule of Aging of Recorded Investment in Gross Loans

			December 31, 2024
			30-59 Days Past Due						60-89 Days Past Due						90+ Days Past Due						Total Past Due						Current						Total Loans						Loans 90+ Days Past Due and Still Accruing
			(In thousands)
Commercial PR:
Commercial secured by real estate			$	879					$	215					$	9,780					$	10,874					$	1,211,521					$	1,222,395					$	—
Other commercial and industrial			597						629						3,588						4,814						1,083,072						1,087,886						—
			1,476						844						13,368						15,688						2,294,593						2,310,281						—
Commercial US			—						4,505						—						4,505						699,576						704,081						—
Total commercial loans			1,476						5,349						13,368						20,193						2,994,169						3,014,362						—
Mortgage loans			5,362						6,069						59,995						71,426						557,427						628,853						2,047
Consumer loans:
Personal loans			8,522						4,655						3,494						16,671						603,759						620,430						—
Credit lines			53						38						125						216						9,910						10,126						—
Credit cards			670						255						571						1,496						35,460						36,956						—
Overdraft			88						—						—						88						363						451						—
			9,333						4,948						4,190						18,471						649,492						667,963						—
Auto loans			119,805						50,208						20,055						190,068						2,358,965						2,549,033						—
Total loans			$	135,976					$	66,574					$	97,608					$	300,158					$	6,560,053					$	6,860,211					$	2,047

			December 31, 2023
			30-59 Day Past Due						60-89 Days Past Due						90+ Days Past Due						Total Past Due						Current						Total Loans						Loans 90+ Days Past Due and Still Accruing
			(In thousands)
Commercial PR:
Commercial secured by real estate			$	1,585					$	411					$	5,671					$	7,667					$	1,087,540					$	1,095,207					$	—
Other commercial and industrial			1,366						291						4,974						6,631						1,084,390						1,091,021						—
			2,951						702						10,645						14,298						2,171,930						2,186,228						—
Commercial US			—						—						—						—						755,228						755,228						—
Total commercial loans			2,951						702						10,645						14,298						2,927,158						2,941,456						—
Mortgage loans			6,107						9,596						31,557						47,260						581,987						629,247						2,478
Consumer loans:
Personal loans			6,115						4,041						2,755						12,911						555,447						568,358						—
Credit lines			137						35						35						207						10,719						10,926						—
Credit cards			657						280						586						1,523						38,791						40,314						—
Overdraft			87						14						—						101						195						296						—
			6,996						4,370						3,376						14,742						605,152						619,894						—
Auto loans			101,610						46,071						19,056						166,737						2,105,793						2,272,530						—
Total loans			$	117,664					$	60,739					$	64,634					$	243,037					$	6,220,090					$	6,463,127					$	2,478

Schedule of Investment in Loans on Non-Accrual Status

The following table presents the amortized cost basis of loans held for investment on non-accrual status as of December 31, 2024 and 2023:

			December 31, 2024																		December 31, 2023
			Non-accrual with Allowance for Credit Loss						Non-accrual with no Allowance for Credit Loss						Total						Non-accrual with Allowance for Credit Loss						Non-accrual with no Allowance for Credit Loss						Total
			(In thousands)																		(In thousands)
Non-PCD:
Commercial PR:
Commercial secured by real estate			$	4,610					$	6,248					$	10,858					$	3,553					$	7,929					$	11,482
Other commercial and industrial			1,855						1,996						3,851						4,560						830						5,390
			6,465						8,244						14,709						8,113						8,759						16,872
Commercial US			21,317						2,887						24,204						19,224						—						19,224
Total commercial loans			27,782						11,131						38,913						27,337						8,759						36,096
Mortgage loans			8,770						3,153						11,923						10,339						3,858						14,197
Consumer loans:
Personal loans			3,468						44						3,512						2,741						14						2,755
Credit lines			125						—						125						35						—						35
Credit cards			570						—						570						586						—						586
			4,163						44						4,207						3,362						14						3,376
Auto loans			20,049						6						20,055						19,051						5						19,056
Total			$	60,764					$	14,334					$	75,098					$	60,089					$	12,636					$	72,725
PCD:
Commercial PR:
Commercial secured by real estate			$	—					$	1,946					$	1,946					$	3,060					$	2,417					$	5,477
Other commercial and industrial			695						—						695						—						947						947
Total commercial loans			695						1,946						2,641						3,060						3,364						6,424
Mortgage loans			239						—						239						250						—						250
Total			$	934					$	1,946					$	2,880					$	3,310					$	3,364					$	6,674
Total non-accrual loans			$	61,698					$	16,280					$	77,978					$	63,399					$	16,000					$	79,399

Schedule of Troubled Debt Restructurings

The following tables present the amortized cost basis as of December 31, 2024 and 2023 of loans held for investment that were modified during 2024 and 2023, disaggregated by class of financing receivable and type of concession granted.

			Year Ended December 31, 2024
			Interest Rate Reduction									Term Extension									Principal Forbearance / Forgiveness									Combination of Term Extension and Interest Rate Reduction									Combination of Term Extension and Principal Forgiveness / Forbearance
			Amortized Cost Basis			% of Total Class of Financing Receivable						Amortized Cost Basis			% of Total Class of Financing Receivable						Amortized Cost Basis			% of Total Class of Financing Receivable						Amortized Cost Basis			% of Total Class of Financing Receivable						Amortized Cost Basis			% of Total Class of Financing Receivable
			(Dollars in thousands)
Commercial US			$	9,257		1.31		%				$	—		—		%				$	6,286		0.89		%				$	—		—		%				$	—		—		%
Mortgage loans			—			—		%				1,682			0.11		%				—			—		%				88			0.01		%				105			0.01		%
Consumer:
Personal loans			26			—		%				6			—		%				—			—		%				—			—		%				—			—		%
Auto loans			162			0.01		%				—			—		%				—			—		%				—			—		%				—			—		%
Total			$	9,445								$	1,688								$	6,286								$	88								$	105

			Year Ended December 31, 2023
			Interest Rate Reduction									Term Extension									Principal Forbearance / Forgiveness									Combination of Term Extension and Interest Rate Reduction									Combination of Term Extension and Principal Forgiveness / Forbearance
			Amortized Cost Basis			% of Total Class of Financing Receivable						Amortized Cost Basis			% of Total Class of Financing Receivable						Amortized Cost Basis			% of Total Class of Financing Receivable						Amortized Cost Basis			% of Total Class of Financing Receivable						Amortized Cost Basis			% of Total Class of Financing Receivable
			(Dollars in thousands)
Commercial PR:
Commercial secured by real estate			$	—		—		%				$	6,332		0.52		%				$	—		—		%				$	—		—		%				$	—		—		%
Other commercial and industrial			—			—		%				689			0.06		%				—			—		%				—			—		%				—			—		%
			—			—		%				7,021			0.23		%				—			—		%				—			—		%				—			—		%
Commercial US			6,649			0.88		%				—			—		%				—			—		%				—			—		%				4,183			0.55		%
Total commercial loans			6,649			0.88		%				7,021			0.23		%				—			—		%				—			—		%				4,183			0.55		%
Mortgage loans			—			—		%				5,777			0.37		%				97			0.01		%				710			0.05		%				440			0.03		%
Consumer:
Personal loans			37			0.01		%				—			—		%				—			—		%				80			0.01		%				—			—		%
Auto loans			48			—		%				13			—		%				—			—		%				53			—		%				—			—		%
Total			$	6,734								$	12,811								$	97								$	843								$	4,623

			Year Ended December 31, 2024
			Weighted-Average Interest Rate Reduction						Weighted-Average Term Extension (In months)						Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial US			0.73		%				0						$	623
Mortgage loans			0.38		%				149						11
Consumer loans:
Personal loans			5.00		%				18						—
Auto loans			2.82		%				0						—

			Year Ended December 31, 2023
			Weighted-Average Interest Rate Reduction						Weighted-Average Term Extension (In months)						Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial PR:
Commercial loans secured by real estate			—		%				23						$	—
Commercial US			1.95		%				31						2,973
Mortgage loans			1.94		%				213						24
Consumer loans:
Personal loans			2.98		%				81						—
Auto loans			3.00		%				0						—

Schedule of Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted

The following tables present the amortized cost basis as of December 31, 2024 and 2023, of loans held for investment that had a payment default subsequent to being granted a modification to borrowers experiencing financial difficulty in the prior twelve months.

			Twelve-Months Ended December 31, 2024
			Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
			Interest Rate Reduction						Term Extension						Principal Forgiveness/Forbearance						Combination - Term Extension and Interest Rate Reduction						Total
			(In thousands)
Mortgage loans			$	—					$	149					$	—					$	—					$	149

			Twelve-Months Ended December 31, 2023
			Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
			Interest Rate Reduction						Term Extension						Principal Forgiveness/Forbearance						Combination - Term Extension and Interest Rate Reduction						Total
			(In thousands)
Mortgage loans			$	—					$	704					$	—					$	—					$	704

Schedule of Financing Receivable, Modified, Past Due

The following table presents the payment status of loans that have been modified in the year ended December 31, 2024 and 2023 that were granted to borrowers experiencing financial difficulty.

			December 31, 2024
			30-59 Day Past Due						60-89 Days Past Due						90+ Days Past Due						Total Past Due						Current						Total
			(In thousands)
Commercial US			$	—					$	—					$	—					$	—					$	15,543					$	15,543
Mortgage loans			118						37						149						304						1,571						1,875
Consumer loans:
Personal loans			—						—						—						—						32						32
Auto loans			—						—						—						—						162						162
Total			$	118					$	37					$	149					$	304					$	17,308					$	17,612

			December 31, 2023
			30-59 Day Past Due						60-89 Days Past Due						90+ Days Past Due						Total Past Due						Current						Total
			(In thousands)
Commercial PR:
Commercial loans secured by real estate			$	—					$	—					$	—					$	—					$	6,332					$	6,332
Other commercial and industrial			—						—						—						—						689						689
			—						—						—						—						7,021						7,021
Commercial US			—						—						—						—						10,832						10,832
Total commercial loans			—						—						—						—						17,853						17,853
Mortgage loans			471						297						583						1,351						5,673						7,024
Consumer loans:
Personal loans			—						—						—						—						117						117
Auto loans			30						—						—						30						84						114
Total			$	501					$	297					$	583					$	1,381					$	23,727					$	25,108

Schedule of the Amortized Cost of Collateral-Dependent Loans Held for Investment

The table below presents the amortized cost of commercial collateral-dependent loans held for investment at December 31, 2024 and 2023, by class of loans.

			December 31,
			2024						2023
			(In thousands)
Commercial PR:
Commercial loans secured by real estate			$	6,877					$	8,027

Schedule of Credit Quality Indicators of Loans

As of December 31, 2024, and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans, and current year-to-date period gross charge-offs by year of origination is as follows:

						Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
						2024						2023						2022						2021						2020						Prior
						(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass						$	219,185					$	204,144					$	229,955					$	190,891					$	106,562					$	180,600					$	46,448					$	1,177,785
Special Mention						—						13,702						7,205						6,192						909						3,721						73						31,802
Substandard						—						—						554						1,479						1,198						8,572						1,005						12,808
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total commercial secured by real estate						219,185						217,846						237,714						198,562						108,669						192,893						47,526						1,222,395
Commercial secured by real estate:
YTD gross charge-offs						—						184						—						—						—						26						—						210
Other commercial and industrial:
Loan grade:
Pass						146,372						269,680						48,516						49,751						23,858						13,508						477,838						1,029,523
Special Mention						—						373						3,281						45,012						—						136						4,920						53,722
Substandard						21						15						317						640						111						825						2,712						4,641
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total other commercial and industrial:						146,393						270,068						52,114						95,403						23,969						14,469						485,470						1,087,886
Other commercial and industrial:
YTD gross charge-offs						117						143						298						3,573						—						238						—						4,369
Commercial US:
Loan grade:
Pass						56,534						120,064						21,648						57,736						20,138						21,884						273,971						571,975
Special Mention						—						—						—						—						—						—						39,896						39,896
Substandard						16,094						16,422						26,536						4,689						—						5,647						21,204						90,592
Doubtful						1,618						—						—						—						—						—						—						1,618
Loss						—						—						—						—						—						—						—						—
Total Commercial US:						74,246						136,486						48,184						62,425						20,138						27,531						335,071						704,081
Commercial US:
YTD gross charge-offs						—						—						392						1,749						—						1,497						—						3,638
Total commercial loans						$	439,824					$	624,400					$	338,012					$	356,390					$	152,776					$	234,893					$	868,067					$	3,014,362
Total YTD gross charge-offs						$	117					$	327					$	690					$	5,322					$	—					$	1,761					$	—					$	8,217

As of December 31, 2023, and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans is as follows:

						Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
						2023						2022						2021						2020						2019						Prior
						(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass						$	224,598					$	216,205					$	195,884					$	120,489					$	80,671					$	131,016					$	65,873					$	1,034,736
Special Mention						—						1,772						6,554						5,057						15,676						12,500						153						41,712
Substandard						—						459						1,386						1,109						2,615						11,939						1,236						18,744
Doubtful						—						—						—						—						—						15						—						15
Loss						—						—						—						—						—						—						—						—
Total commercial secured by real estate						224,598						218,436						203,824						126,655						98,962						155,470						67,262						1,095,207
Commercial secured by real estate:
YTD gross charge-offs						—						—						265						—						94						820						—						1,179
Other commercial and industrial:
Loan grade:
Pass						284,615						99,522						113,760						37,665						7,438						14,836						527,008						1,084,844
Special Mention						8						2,953						—						—						51						100						—						3,112
Substandard						3						473						826						259						935						186						383						3,065
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total other commercial and industrial:						284,626						102,948						114,586						37,924						8,424						15,122						527,391						1,091,021
Other commercial and industrial:
YTD gross charge-offs						—						124						1,095						89						9						1,180						—						2,497
Commercial US:
Loan grade:
Pass						142,222						63,885						69,233						31,206						28,202						8,085						358,757						701,590
Special Mention						—						7,803						—						—						—						—						20,913						28,716
Substandard						10,832						—						—						—						—						5,699						8,391						24,922
Doubtful						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—
Total Commercial US:						153,054						71,688						69,233						31,206						28,202						13,784						388,061						755,228
Commercial US:
YTD gross charge-offs						33						1,156						642						47						—						8,637						—						10,515
Total commercial loans						$	662,278					$	393,072					$	387,643					$	195,785					$	135,588					$	184,376					$	982,714					$	2,941,456
Total YTD gross charge-offs						$	33					$	1,280					$	2,002					$	136					$	103					$	10,637					$	—					$	14,191

The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2024:

						Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
						2024						2023						2022						2021						2020						Prior
						(In thousands)
Mortgage loans:
Payment performance:
Performing						$	41,100					$	18,986					$	23,207					$	28,034					$	20,203					$	480,388					$	—					$	611,918
Nonperforming						148						636						107						466						102						15,476						—						16,935
Total mortgage loans:						41,248						19,622						23,314						28,500						20,305						495,864						—						628,853
Mortgage loans:
YTD gross charge-offs						—						—						—						—						—						126						—						126
Consumer loans:
Personal loans:
Payment performance:
Performing						265,955						175,932						114,654						40,794						11,563						8,020						—						616,918
Nonperforming						438						1,292						1,266						353						51						112						—						3,512
Total personal loans						266,393						177,224						115,920						41,147						11,614						8,132						—						620,430
Personal loans:
YTD gross charge-offs						1,425						10,788						11,973						3,443						700						1,088						—						29,417
Credit lines:
Payment performance:
Performing						—						—						—						—						—						—						10,001						10,001
Nonperforming						—						—						—						—						—						—						125						125
Total credit lines						—						—						—						—						—						—						10,126						10,126
Credit lines:
YTD gross charge-offs						—						—						—						—						—						—						156						156
Credit cards:
Payment performance:
Performing						—						—						—						—						—						—						36,386						36,386
Nonperforming						—						—						—						—						—						—						570						570
Total credit cards						—						—						—						—						—						—						36,956						36,956
Credit cards:
YTD gross charge-offs						—						—						—						—						—						—						2,781						2,781
Overdrafts:
Payment performance:
Performing						—						—						—						—						—						—						451						451
Nonperforming						—						—						—						—						—						—						—						—
Total overdrafts						—						—						—						—						—						—						451						451
Overdrafts:
YTD gross charge-offs						—						—						—						—						—						—						912						912
Total consumer loans						266,393						177,224						115,920						41,147						11,614						8,132						47,533						667,963
Total consumer loans YTD gross charge-offs						1,425						10,788						11,973						3,443						700						1,088						3,849						33,266
Total mortgage and consumer loans						$	307,641					$	196,846					$	139,234					$	69,647					$	31,919					$	503,996					$	47,533					$	1,296,816
Total mortgage and consumer loans YTD gross charge-offs						$	1,425					$	10,788					$	11,973					$	3,443					$	700					$	1,214					$	3,849					$	33,392

The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2023:

						Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
						2023						2022						2021						2020						2019						Prior
						(In thousands)
Mortgage loans:
Payment performance:
Performing						$	24,623					$	19,722					$	23,303					$	15,821					$	14,589					$	511,182					$	—					$	609,240
Nonperforming						—						—						181						108						479						19,239						—						20,007
Total mortgage loans:						24,623						19,722						23,484						15,929						15,068						530,421						—						629,247
Mortgage loans:
YTD gross charge-offs						—						4						—						—						—						755						—						759
Consumer loans:
Personal loans:
Payment performance:
Performing						270,883						186,612						68,133						19,185						14,460						6,330						—						565,603
Nonperforming						503						1,588						304						193						66						101						—						2,755
Total personal loans						271,386						188,200						68,437						19,378						14,526						6,431						—						568,358
Personal loans:
YTD gross charge-offs						1,748						10,512						4,661						830						1,384						731						—						19,866
Credit lines:
Payment performance:
Performing						—						—						—						—						—						—						10,891						10,891
Nonperforming						—						—						—						—						—						—						35						35
Total credit lines						—						—						—						—						—						—						10,926						10,926
Credit lines:
YTD gross charge-offs						—						—						—						—						—						—						419						419
Credit cards:
Payment performance:
Performing						—						—						—						—						—						—						39,728						39,728
Nonperforming						—						—						—						—						—						—						586						586
Total credit cards						—						—						—						—						—						—						40,314						40,314
Credit cards:
YTD gross charge-offs						—						—						—						—						—						—						2,825						2,825
Overdrafts:
Payment performance:
Performing						—						—						—						—						—						—						296						296
Nonperforming						—						—						—						—						—						—						—						—
Total overdrafts						—						—						—						—						—						—						296						296
Overdrafts:
YTD gross charge-offs						—						—						—						—						—						—						545						545
Total consumer loans						271,386						188,200						68,437						19,378						14,526						6,431						51,536						619,894
Total consumer loans YTD gross charge-offs						1,748						10,512						4,661						830						1,384						731						3,789						23,655
Total mortgage and consumer loans						$	296,009					$	207,922					$	91,921					$	35,307					$	29,594					$	536,852					$	51,536					$	1,249,141
Total mortgage and consumer loans YTD gross charge-offs						$	1,748					$	10,516					$	4,661					$	830					$	1,384					$	1,486					$	3,789					$	24,414

The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2024:

			Term Loans Amortized Cost Basis by Origination Year																																				Total
			2024						2023						2022						2021						2020						Prior
			(In thousands)
Auto loans:
FICO score:
1-660			$	157,865					$	191,510					$	163,990					$	93,675					$	41,016					$	38,369					$	686,425
661-699			172,579						116,145						69,573						36,607						15,583						13,720						424,207
700+			521,507						397,649						243,449						130,613						66,571						54,947						1,414,736
No FICO			5,266						6,630						5,616						3,255						1,265						1,633						23,665
Total auto loans			$	857,217					$	711,934					$	482,628					$	264,150					$	124,435					$	108,669					$	2,549,033
Auto loans:
YTD gross charge-offs			$	4,068					$	21,603					$	18,912					$	8,552					$	3,799					$	4,717					$	61,651

The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2023:

			Term Loans Amortized Cost Basis by Origination Year																																				Total
			2023						2022						2021						2020						2019						Prior
			(In thousands)
Auto loans:
FICO score:
1-660			$	170,639					$	190,743					$	118,821					$	57,087					$	41,124					$	38,570					$	616,984
661-699			169,430						110,260						58,166						25,886						18,253						16,137						398,132
700+			474,005						323,514						183,286						103,886						88,929						58,779						1,232,399
No FICO			6,203						6,537						4,592						2,200						3,886						1,597						25,015
Total auto loans			$	820,277					$	631,054					$	364,865					$	189,059					$	152,192					$	115,083					$	2,272,530
Auto loans:
YTD gross charge-offs			$	4,090					$	18,142					$	10,894					$	4,008					$	3,380					$	3,250					$	43,764

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