ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2024

The following tables present the activity in OFG’s ACL by segment for 2024, 2023 and 2022:




















	Year Ended December 31, 2024
	Commercial		Mortgage		Consumer		Auto		Total
	(In thousands)
Non-PCD:
Balance at beginning of year	$	44,041	$	7,998	$	27,086	$	73,485	$	152,610
Provision for (recapture of) credit losses	6,922		(2,546)		33,832		49,514		87,722
Charge-offs	(8,217)		(126)		(33,266)		(61,651)		(103,260)
Recoveries	2,068		1,069		4,166		26,334		33,637
Balance at end of year	$	44,814	$	6,395	$	31,818	$	87,682	$	170,709
PCD:
Balance at beginning of year	$	1,113	$	7,351	$	7	$	25	$	8,496
Recapture of provision for credit losses	(935)		(3,985)		(58)		(197)		(5,175)
Charge-offs	(967)		(178)		—		(25)		(1,170)
Recoveries	1,411		1,326		62		204		3,003
Balance at end of year	$	622	$	4,514	$	11	$	7	$	5,154
Total allowance for credit losses at end of year	$	45,436	$	10,909	$	31,829	$	87,689	$	175,863



















	Year Ended December 31, 2023
	Commercial		Mortgage		Consumer		Auto		Total
	(In thousands)
Non-PCD:
Balance at beginning of year	$	39,158	$	9,571	$	23,264	$	69,848	$	141,841

Provision for (recapture of) credit losses	18,200		(2,031)		23,302		22,294		61,765
Charge-offs	(14,191)		(759)		(23,655)		(43,764)		(82,369)
Recoveries	874		1,217		4,175		25,107		31,373
Balance at end of year	$	44,041	$	7,998	$	27,086	$	73,485	$	152,610
PCD:
Balance at beginning of year	$	1,388	$	9,359	$	14	$	71	$	10,832

Provision for (recapture of) credit losses	901		(2,389)		518		(518)		(1,488)
Charge-offs	(2,794)		(317)		(621)		(170)		(3,902)
Recoveries	1,618		698		96		642		3,054
Balance at end of year	$	1,113	$	7,351	$	7	$	25	$	8,496
Total allowance for credit losses at end of year	$	45,154	$	15,349	$	27,093	$	73,510	$	161,106


	Year Ended December 31, 2022
	Commercial		Mortgage		Consumer		Auto		Total
			(In thousands)
Non-PCD:
Balance at beginning of year	$	32,262	$	15,299	$	19,141	$	65,363	$	132,065

Provision for (recapture of) credit losses	19,076		(8,758)		16,084		16,016		42,418
Charge-offs	(13,380)		(284)		(15,198)		(32,662)		(61,524)
Recoveries	1,200		3,314		3,237		21,131		28,882
Balance at end of year	$	39,158	$	9,571	$	23,264	$	69,848	$	141,841
PCD:
Balance at beginning of year	$	4,508	$	19,018	$	34	$	312	$	23,872

(Recapture of) provision for credit losses	(6,855)		(10,629)		62		(588)		(18,010)
Charge-offs	(69)		(1,695)		(176)		(310)		(2,250)
Recoveries	3,804		2,665		94		657		7,220

Balance at end of year	$	1,388	$	9,359	$	14	$	71	$	10,832
Total allowance for credit losses at end of year	$	40,546	$	18,930	$	23,278	$	69,919	$	152,673