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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities on Recurring and Non-Recurring Basis

Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below:

			December 31, 2024
			Fair Value Measurements
			Level 1						Level 2						Level 3						Total
			(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale			$	1,150					$	2,337,055					$	—					$	2,338,205
Trading securities			—						18						—						18
Money market investments			6,670						—						—						6,670
Servicing assets			—						—						70,435						70,435
			$	7,820					$	2,337,073					$	70,435					$	2,415,328
Non-recurring fair value measurements:
Collateral dependent loans			$	—					$	—					$	6,877					$	6,877
Foreclosed real estate			—						—						4,002						4,002
Other repossessed assets			—						—						6,595						6,595
Mortgage loans held for sale			—						—						13,286						13,286
Other loans held for sale			—						—						4,446						4,446
			$	—					$	—					$	35,206					$	35,206

			December 31, 2023
			Fair Value Measurements
			Level 1						Level 2						Level 3						Total
			(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale			$	296,799					$	1,802,465					$	—					$	2,099,264
Trading securities			—						13						—						13
Money market investments			4,623						—						—						4,623
Servicing assets			—						—						49,520						49,520
			$	301,422					$	1,802,478					$	49,520					$	2,153,420
Non-recurring fair value measurements:
Collateral dependent loans			$	—					$	—					$	8,027					$	8,027
Foreclosed real estate			—						—						10,780						10,780
Other repossessed assets			—						—						4,032						4,032
Other loans held for sale			$	—					$	—					$	28,345					28,345
			$	—					$	—					$	51,184					$	51,184

Schedule of Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)

The tables below present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for 2024, 2023 and 2022:

Level 3 Instruments Only

						Year Ended December 31,
						2024						2023												2022
						Servicing Assets									Other debt securities available for sale			Servicing Assets			Total						Other debt securities available for sale			Servicing Assets			Total
						(In thousands)
Balance at beginning of year						$	49,520								$	406		$	50,921		$	51,327					1,530			$	48,973		$	50,503
New instruments acquired						23,164									—			2,560			2,560						376			3,998			4,374
Principal repayments and amortization						(3,979)									—			(4,163)			(4,163)						—			(5,312)			(5,312)
Instrument converted to equity security						—									(406)			—			(406)						(1,581)			—			(1,581)
Gains included in earnings						1,730									—			202			202						—			3,262			3,262
Gains included in other comprehensive income						—									—			—			—						81			—			81
Balance at end of year						$	70,435								$	—		$	49,520		$	49,520					$	406		$	50,921		$	51,327

Schedule of Qualitative Information for Assets and Liabilities

The table below presents quantitative information for all assets measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at December 31, 2024 and 2023:

			December 31, 2024
			Fair Value						Valuation Technique						Unobservable Input						Range						Weighted Average
			(In thousands)
Servicing assets			$	70,435					Cash flow valuation						Constant prepayment rate						1.09% - 15.28%						5.83		%
															Discount rate						10.00% - 15.50%						11.61		%
Collateral dependent loans			$	6,877					Fair value of property or collateral						Appraised value less disposition costs						10.20% - 33.20%						18.14		%
Foreclosed real estate			$	4,002					Fair value of property or collateral						Appraised value less disposition costs						10.20% - 33.20%						13.16		%
Other repossessed assets			$	6,595					Fair value of property or collateral						Estimated net realizable value less disposition costs						37.00% - 69.00%						54.73		%
Mortgage loans held for sale			$	13,286					Market prices						Pricing and execution whole loan						89.38% - 101.38%						95.01		%
Other loans held for sale			$	4,446					Bids or sales contract prices						Estimated market value						101.21% - 101.21%						101.21		%

			December 31, 2023
			Fair Value						Valuation Technique						Unobservable Input						Range						Weighted Average
			(In thousands)
Servicing assets			$	49,520					Cash flow valuation						Constant prepayment rate						1.35% - 17.34%						6.12		%
															Discount rate						10.00% - 15.50%						11.45		%
Collateral dependent loans			$	8,027					Fair value of property or collateral						Appraised value less disposition costs						10.20% - 33.20%						17.00		%
Foreclosed real estate			$	10,780					Fair value of property or collateral						Appraised value less disposition costs						10.20% - 33.20%						12.67		%
Other repossessed assets			$	4,032					Fair value of property or collateral						Estimated net realizable value less disposition costs						31.00% - 77.00%						57.72		%
Other loans held for sale			$	28,345					Bids or sales contract prices						Estimated market value						52.00% - 103.20%						84.80%

Schedule of Estimated Fair Value and Carrying Value

The estimated fair value and carrying value of OFG’s financial instruments at December 31, 2024 and 2023 was as follows:

			December 31, 2024												December 31, 2023
			Fair Value						Carrying Value						Fair Value						Carrying Value
			(In thousands)
Financial Assets:
Level 1
Cash and cash equivalents			$	591,137					$	591,137					$	748,173					$	748,173
Investment securities available-for-sale			$	1,150					$	1,150					$	296,799					$	296,799
Level 2
Financial Assets:
Trading securities			$	18					$	18					$	13					$	13
Investment securities available-for-sale			$	2,337,055					$	2,337,055					$	1,802,465					$	1,802,465
Investment securities held-to-maturity			$	232,152					$	292,158					$	455,709					$	514,024
Federal Home Loan Bank (FHLB) stock			$	24,280					$	24,280					$	14,488					$	14,488
Equity securities			$	30,616					$	30,616					$	23,981					$	23,981
Level 3
Financial Assets:
Investment securities held-to-maturity			$	35,022					$	35,000					$	35,055					$	35,000
Total loans, net (including loans held-for-sale)			$	7,567,075					$	7,633,831					$	7,282,214					$	7,401,618
Accrued interest receivable			$	71,667					$	71,667					$	71,400					$	71,400
Servicing assets			$	70,435					$	70,435					$	49,520					$	49,520
Accounts receivable and other assets			$	70,191					$	70,191					$	47,859					$	47,589
Financial Liabilities:
Deposits			$	9,625,803					$	9,604,786					$	9,767,068					$	9,762,169
Securities sold under agreements to repurchase			$	75,226					$	75,222					$	—					$	—
Advances from FHLB			$	324,510					$	325,952					$	199,184					$	200,768
Other borrowings			$	—					$	—					$	2					$	2
Accrued expenses and other liabilities			$	146,771					$	146,771					$	115,985					$	115,985

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Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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