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LOANS (Tables)
3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Loan Portfolio
The composition of the amortized cost basis of OFG’s loan portfolio at March 31, 2025 and December 31, 2024, segregated between non-purchased credit deteriorated loans (“non-PCD”) and purchased credit deteriorated (“PCD”) loans, was as follows:
March 31, 2025December 31, 2024
Non-PCDPCDTotalNon-PCDPCDTotal
(In thousands)
Commercial PR:
Commercial secured by real estate$1,230,835 $76,142 $1,306,977 $1,222,395 $77,196 $1,299,591 
Other commercial and industrial1,107,037 11,637 1,118,674 1,087,886 11,533 1,099,419 
2,337,872 87,779 2,425,651 2,310,281 88,729 2,399,010 
Commercial US727,409 — 727,409 704,081 — 704,081 
Total commercial loans3,065,281 87,779 3,153,060 3,014,362 88,729 3,103,091 
Mortgage loans616,302 819,271 1,435,573 628,853 841,964 1,470,817 
Consumer loans:
Personal loans624,830 244 625,074 620,430 245 620,675 
Credit lines9,724 351 10,075 10,126 353 10,479 
Credit cards35,289 — 35,289 36,956 — 36,956 
Overdraft370 — 370 451 — 451 
670,213 595 670,808 667,963 598 668,561 
Auto loans2,592,922 281 2,593,203 2,549,033 460 2,549,493 
6,944,718 907,926 7,852,644 6,860,211 931,751 7,791,962 
Allowance for credit losses(174,752)(6,422)(181,174)(170,709)(5,154)(175,863)
Total loans held for investment, net6,769,966 901,504 7,671,470 6,689,502 926,597 7,616,099 
Mortgage loans held-for-sale12,439 — 12,439 13,286 — 13,286 
Other loans held-for-sale4,362 — 4,362 4,446 — 4,446 
Total loans held-for-sale16,801  16,801 17,732  17,732 
Total loans, net$6,786,767 $901,504 $7,688,271 $6,707,234 $926,597 $7,633,831 
Schedule of Aging of Recorded Investment in Gross Loans
March 31, 2025
30-59 Days
Past Due
60-89 Days
Past Due
90+ Days
Past Due
Total Past
Due
CurrentTotal LoansLoans 90+
Days Past
Due and
Still
Accruing
(In thousands)
Commercial PR:
Commercial secured by real estate$404 $269 $7,821 $8,494 $1,222,341 $1,230,835 $— 
Other commercial and industrial637 102 4,034 4,773 1,102,264 1,107,037 — 
1,041 371 11,855 13,267 2,324,605 2,337,872  
Commercial US— — 4,425 4,425 722,984 727,409 — 
Total commercial loans1,041 371 16,280 17,692 3,047,589 3,065,281  
Mortgage loans4,529 5,301 56,292 66,122 550,180 616,302 2,259 
Consumer loans:
Personal loans6,987 4,126 2,984 14,097 610,733 624,830 — 
Credit lines108 51 69 228 9,496 9,724 — 
Credit cards528 280 429 1,237 34,052 35,289 — 
Overdraft49 — — 49 321 370 — 
7,672 4,457 3,482 15,611 654,602 670,213  
Auto loans96,570 32,049 14,043 142,662 2,450,260 2,592,922  
Total loans$109,812 $42,178 $90,097 $242,087 $6,702,631 $6,944,718 $2,259 

December 31, 2024
30-59 Day
Past Due
60-89 Days
Past Due
90+ Days
Past Due
Total Past
Due
CurrentTotal LoansLoans 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 industrial597 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 loans1,476 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 loans8,522 4,655 3,494 16,671 603,759 620,430 — 
Credit lines53 38 125 216 9,910 10,126 — 
Credit cards670 255 571 1,496 35,460 36,956 — 
Overdraft88 — — 88 363 451 — 
9,333 4,948 4,190 18,471 649,492 667,963  
Auto loans119,805 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 
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 March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Non-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotalNon-accrual with Allowance for Credit LossNon-accrual with no Allowance for Credit LossTotal
(In thousands)(In thousands)
Non-PCD:
Commercial PR:
Commercial secured by real estate$3,744 $5,349 $9,093 $4,610 $6,248 $10,858 
Other commercial and industrial2,211 1,994 4,205 1,855 1,996 3,851 
5,955 7,343 13,298 6,465 8,244 14,709 
Commercial US30,852 — 30,852 21,317 2,887 24,204 
Total commercial loans
36,807 7,343 44,150 27,782 11,131 38,913 
Mortgage loans
9,263 2,318 11,581 8,770 3,153 11,923 
Consumer loans:
Personal loans2,984 — 2,984 3,468 44 3,512 
Credit lines69 — 69 125 — 125 
Credit cards429 — 429 570 — 570 
3,482  3,482 4,163 44 4,207 
Auto loans14,043  14,043 20,049 6 20,055 
Total$63,595 $9,661 $73,256 $60,764 $14,334 $75,098 
PCD:
Commercial PR:
Commercial secured by real estate$6,121 $1,870 $7,991 $— $1,946 $1,946 
Other commercial and industrial675 — 675 695 — 695 
Total commercial loans
6,796 1,870 8,666 695 1,946 2,641 
Mortgage loans
234  234 239  239 
Total$7,030 $1,870 $8,900 $934 $1,946 $2,880 
Total non-accrual loans$70,625 $11,531 $82,156 $61,698 $16,280 $77,978 
Schedule of Troubled Debt Restructurings
The following tables present the amortized cost basis as of March 31, 2025 and 2024 of loans held for investment that were modified during the quarters ended March 31, 2025 and 2024, disaggregated by class of financing receivable and type of concession granted.
Quarter Ended March 31, 2025
Term ExtensionPrincipal Forbearance / ForgivenessCombination of Term Extension and Principal
Forgiveness / Forbearance
Combination of Interest Rate Reduction, Term Extension and Principal
Forgiveness / Forbearance
Amortized Cost Basis% of Total Class of
Financing
Receivable
Amortized Cost Basis% of Total Class of
Financing
Receivable
Amortized Cost Basis% of Total Class of
Financing
Receivable
Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Commercial US$  %$4,425 0.61 %$3,404 0.47 %$3,407 0.47 %
Mortgage loans545 0.04 %  %  %  %
Total$545 $4,425 $3,404 $3,407 
Quarter Ended March 31, 2024
Interest Rate ReductionTerm Extension
Amortized Cost Basis% of Total Class of
Financing
Receivable
Amortized Cost Basis% of Total Class of
Financing
Receivable
(Dollars in thousands)
Mortgage loans  %95 0.01 %
Consumer:
Personal loans27 — %— %
Total$27 $102 
The following tables present the financial effect of the modifications granted to borrowers experiencing financial difficulty during the quarters ended March 31, 2025 and 2024. The financial effect of the combined modifications is presented separately by type of modification.
Quarter Ended March 31, 2025
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Commercial US0.28 %16$3,639 
Mortgage loans
 %129 
Quarter Ended March 31, 2024
Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (In months)
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)
Mortgage loans %180 
Consumer loans:
Personal loans5.00 %18— 
Schedule of Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
The following tables present the amortized cost basis as of March 31, 2025 and 2024, of loans held for investment that had a payment default subsequent to being granted a modification to borrowers experiencing financial difficulty in the prior twelve months.
Twelve-Months Ended March 31, 2025
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
Interest Rate ReductionTerm ExtensionPrincipal Forgiveness/ForbearanceCombination - Term Extension and Interest Rate ReductionTotal
(In thousands)
Commercial US$ $ $4,425 $ $4,425 
Mortgage loans$ $198 $ $ $198 
Twelve-Months Ended March 31, 2024
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted
Interest Rate ReductionTerm ExtensionPrincipal Forgiveness/ForbearanceCombination - Term Extension and Interest Rate ReductionTotal
(In thousands)
Mortgage loans$ $277 $ $85 $362 
Schedule of Financing Receivable, Modified, Past Due The following table presents the payment status of loans that have been modified in the twelve-months period ended March 31, 2025 and 2024 that were granted to borrowers experiencing financial difficulty.
March 31, 2025
30-59 Day
Past Due
60-89 Days
Past Due
90+ Days
Past Due
Total Past
Due
CurrentTotal
(In thousands)
Commercial US$ $ $4,425 $4,425 $22,354 $26,779 
Mortgage loans65  198 263 2,022 2,285 
Auto loans    156 156 
Total$65 $ $4,623 $4,688 $24,532 $29,220 
March 31, 2024
30-59 Day
Past Due
60-89 Days
Past Due
90+ Days
Past Due
Total Past
Due
CurrentTotal
(In thousands)
Commercial PR:
Commercial loans secured by real estate$— $— $— $— $5,806 $5,806 
Other commercial and industrial— — — — 638 638 
— — — — 6,444 6,444 
Commercial US    10,571 10,571 
Total commercial loans
— — — — 17,015 17,015 
Mortgage loans
141 115 277 533 3,832 4,365 
Consumer loans:
Personal loans— — — — 127 127 
Auto loans    110 110 
Total$141 $115 $277 $533 $21,084 $21,617 
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 March 31, 2025 and December 31, 2024, by class of loans.
March 31,December 31,
20252024
(In thousands)
Commercial PR:
Commercial loans secured by real estate$5,602 $6,877 
Schedule of Credit Quality Indicators of Loans
As of March 31, 2025, 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
20252024202320222021Prior
(In thousands)
Commercial PR:
Commercial secured by real estate:
Loan grade:
Pass$154,168 $170,406 $202,407 212,151 $188,126 $216,480 $41,307 $1,185,045 
Special Mention— — 13,941 7,159 6,792 5,434 1,713 35,039 
Substandard— — — 507 1,456 7,789 999 10,751 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total commercial secured by real estate154,168 170,406 216,348 219,817 196,374 229,703 44,019 1,230,835 
Commercial secured by real estate:
YTD gross charge-offs
— — — — — — — — 
Other commercial and industrial:
Loan grade:
Pass38,715 146,503 254,165 46,844 48,065 34,128 469,635 1,038,055 
Special Mention— 394 3,191 45,011 33 15,259 63,893 
Substandard— 40 183 547 1,589 2,723 5,089 
Doubtful— — — — — — — — 
Loss— — — — — — — — 
Total other commercial and industrial:38,715 146,548 254,566 50,218 93,623 35,750 487,617 1,107,037 
Other commercial and industrial:
YTD gross charge-offs
— — 11 — 94 — 112 
Commercial US:
Loan grade:
Pass9,878 54,036 104,904 21,308 57,176 35,974 305,397 588,673 
Special Mention— 2,471 9,685 — — — 38,841 50,997 
Substandard6,811 16,086 16,303 16,661 3,635 5,659 20,988 86,143 
Doubtful— 1,596 — — — — — 1,596 
Loss— — — — — — — — 
Total Commercial US:16,689 74,189 130,892 37,969 60,811 41,633 365,226 727,409 
Commercial US:
YTD gross charge-offs
— — — 2,918 — — — 2,918 
Total commercial loans$209,572 $391,143 $601,806 $308,004 $350,808 $307,086 $896,862 $3,065,281 
Total YTD gross charge-offs
$7 $ $ $2,929 $ $94 $ $3,030 
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 is as follows:
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Total
20242023202220212020Prior
(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 estate219,185 217,846 237,714 198,562 108,669 192,893 47,526 1,222,395 
Commercial secured by real estate:
YTD gross charge-offs
— 184 — — — 26 210 
Other commercial and industrial:
Loan grade:
Pass146,372 269,680 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 
Substandard21 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:
Pass56,534 120,064 21,648 57,736 20,138 21,884 273,971 571,975 
Special Mention— — — — — — 39,896 39,896 
Substandard16,094 16,422 26,536 4,689 — 5,647 21,204 90,592 
Doubtful1,618 — — — — — — 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 
The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment performance as of March 31, 2025:
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Total
20252024202320222021Prior
(In thousands)
Mortgage loans:
Performing$5,990 $39,908 $19,799 $21,937 $27,206 $484,553 $— $599,393 
Nonperforming19 1,117 714 107 172 14,780 — 16,909 
Total mortgage loans:6,009 41,025 20,513 22,044 27,378 499,333 — 616,302 
Mortgage loans:
YTD gross charge-offs
— — 23 — — — — 23 
Consumer loans:
Personal loans:
Performing65,016 244,294 158,478 101,496 35,801 16,761 — 621,846 
Nonperforming— 738 904 901 396 45 — 2,984 
Total personal loans65,016 245,032 159,382 102,397 36,197 16,806 — 624,830 
Personal loans:
YTD gross charge-offs
— 1,667 2,757 2,163 558 227 — 7,372 
Credit lines:
Performing— — — — — — 9,655 9,655 
Nonperforming— — — — — — 69 69 
Total credit lines— — — — — — 9,724 9,724 
Credit lines:
YTD gross charge-offs
— — — — — — 134 134 
Credit cards:
Performing— — — — — — 34,860 34,860 
Nonperforming— — — — — — 429 429 
Total credit cards— — — — — — 35,289 35,289 
Credit cards:
YTD gross charge-offs
— — — — — — 579 579 
Overdrafts:
Performing— — — — — — 370 370 
Nonperforming— — — — — — — — 
Total overdrafts— — — — — — 370 370 
Overdrafts:
YTD gross charge-offs
— — — — — — 167 167 
Total consumer loans65,016 245,032 159,382 102,397 36,197 16,806 45,383 670,213 
Total consumer loans YTD gross charge-offs
— 1,667 2,757 2,163 558 227 880 8,252 
Total mortgage and consumer loans$71,025 $286,057 $179,895 $124,441 $63,575 $516,139 $45,383 $1,286,515 
Total mortgage and consumer loans YTD gross charge-offs
$ $1,667 $2,780 $2,163 $558 $227 $880 $8,275 
The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment performance as of December 31, 2024:
Term Loans
Amortized Cost Basis by Origination Year
Revolving
Loans
Amortized
Cost Basis
Total
20242023202220212020Prior
(In thousands)
Mortgage loans:
Performing$41,100 $18,986 $23,207 $28,034 $20,203 $480,388 $— $611,918 
Nonperforming148 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:
Performing265,955 175,932 114,654 40,794 11,563 8,020 — 616,918 
Nonperforming438 1,292 1,266 353 51 112 — 3,512 
Total personal loans266,393 177,224 115,920 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:
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:
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:
Performing— — — — — — 451 451 
Nonperforming— — — — — — — — 
Total overdrafts— — — — — — 451 451 
Overdrafts:
YTD gross charge-offs
— — — — — — 912 912 
Total consumer loans266,393 177,224 115,920 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 auto loans held for investment based on their most recent FICO score as of March 31, 2025:
Term Loans
Amortized Cost Basis by Origination Year
Total
20252024202320222021Prior
(In thousands)
Auto loans:
FICO score:
1-660$20,857 $191,106 $196,430 $159,010 $88,929 $67,641 $723,973 
661-69940,770 158,004 98,550 64,432 31,795 22,922 416,473 
700+128,518 505,138 366,223 216,923 116,329 95,345 1,428,476 
No FICO589 6,665 6,314 5,325 2,877 2,230 24,000 
Total auto loans
$190,734 $860,913 $667,517 $445,690 $239,930 $188,138 $2,592,922 
Auto loans:
YTD gross charge-offs
$ $3,625 $6,435 $4,725 $1,863 $1,544 $18,192 
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
20242023202220212020Prior
(In thousands)
Auto loans:
FICO score:
1-660$157,865 $191,510 $163,990 $93,675 $41,016 $38,369 $686,425 
661-699172,579 116,145 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 FICO5,266 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