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OPERATING LEASES
 3 Months Ended
Mar. 31, 2025
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
Quarter Ended March 31,Statement of Operations
20252024Classification
(In thousands)
Lease costs$2,240 $2,653 Occupancy and equipment
Variable lease costs382 411 Occupancy and equipment
Short-term lease costs100 50 Occupancy and equipment
Lease income(13)(22)Occupancy and equipment
Total lease costs$2,709 $3,092 
Operating Lease Assets and Liabilities
March 31,December 31,Statement of Financial Condition
20252024Classification
(In thousands)
Right-of-use assets$18,663 $19,197 Operating lease right-of-use assets
Lease Liabilities$20,795 $21,388 Operating leases liabilities

March 31,December 31,
20252024
(In thousands)
Weighted-average remaining lease term4.7 years4.8 years
Weighted-average discount rate7.6 %7.6 %
Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2025 were as follows:
Minimum Rent
As of March 31, 2025(In thousands)
2025$5,536 
20265,747 
20274,696 
20283,448 
20291,872 
Thereafter3,533 
Total lease payments$24,832 
Less imputed interest4,037 
Present value of lease liabilities$20,795 
OFG, as lessor, leases and subleases real property to tenants under operating leases. As of March 31, 2025, no material lease concessions have been granted to tenants. As of March 31, 2025, OFG, as lessee, has not requested any lease concessions.