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BORROWINGS AND RELATED INTEREST (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Federal Home Loan Bank Advances
The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $952 thousand and $768 thousand at December 31, 2024 and 2023, respectively:
December 31,
20242023
(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.56%
$270,000 $— 
Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 3.79% (December 31, 2023 - 4.52%)
55,000 200,000 
$325,000 $200,000 
Advances from FHLB mature as follows:
December 31,
20242023
(In thousands)
Over 90 days to one year$270,000 $— 
Over one to three years55,000 200,000 
$325,000 $200,000 
Schedule of Repurchase Agreements
The following table shows OFG’s repurchase agreements, excluding accrued interest in the amount of $222 thousand at December 31, 2024:
December 31,
2024
(In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.63%
$75,000 
Repurchase agreements’ maturities were as follows:
December 31,
2024
(In thousands)
Under 90 days$75,000 
Repurchase agreements referred to above with maturity dates up to the date of this report were renewed as short-term repurchase agreements.
The following securities were sold under agreements to repurchase:
December 31, 2024
Underlying SecuritiesAmortized Cost of Underlying SecuritiesBalance of BorrowingApproximate Fair Value of Underlying SecuritiesWeighted Average Interest Rate of Security
(In thousands)
FNMA and FHLMC Certificates$81,409 $75,000 $80,968 5.25 %
There were no repurchase agreements at December 31, 2023.