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BORROWINGS AND RELATED INTEREST | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
BORROWINGS AND RELATED INTEREST | BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At September 30, 2025 and December 31, 2024, securities underlying agreements to repurchase were delivered to, and held by, the counterparties with whom the repurchase agreements were transacted. The counterparties agreed to resell to OFG the same or similar securities at the maturity of these agreements. The purpose of these transactions is to provide financing for OFG’s securities portfolio. The following table shows OFG’s repurchase agreements, excluding accrued interest in the amount of $791 thousand and $222 thousand at September 30, 2025 and December 31, 2024:
| September 30, |  | December 31,
| 2025 |  | 2024
| (In thousands)
Short-term fixed-rate repurchase agreements, with a weighted average interest rate of 4.07% (December 31, 2024 - 4.63%) | $ | 100,000 |  |  | $ | 75,000 |
Repurchase agreements’ maturities at September 30, 2025 and December 31, 2024 were as follows:
| September 30, |  | December 31,
| 2025 |  | 2024
| (In thousands)
Under 90 days | $ | — |  |  | $ | 75,000 |
Over 90 days to one year | 100,000 |  |  | — |
Total | $ | 100,000 |  |  | $ | 75,000 |
The following securities were sold under agreements to repurchase at September 30, 2025 and December 31, 2024:
|  | September 30, 2025
Underlying Securities |  | Amortized Cost of Underlying Securities |  | Balance of Borrowing |  | Approximate Fair Value of Underlying Securities |  | Weighted Average Interest Rate of Security
|  | (In thousands) |  |
FNMA and FHLMC Certificates |  | $ | 103,977 |  |  | $ | 100,000 |  |  | $ | 106,444 |  |  | 5.20 | %
|  | December 31, 2024
Underlying Securities |  | Amortized Cost of Underlying Securities |  | Balance of Borrowing |  | Approximate Fair Value of Underlying Securities |  | Weighted Average Interest Rate of Security
|  | (In thousands) |  |
FNMA and FHLMC Certificates |  | $ | 81,409 |  |  | $ | 75,000 |  |  | $ | 80,968 |  |  | 5.25 | %
Advances from the Federal Home Loan Bank of New York Advances are received from the FHLB-NY under an agreement whereby OFG is required to maintain as collateral an amount of qualifying collateral which has a fair market value that is least equal to the FHLB-NY collateral maintenance level. At September 30, 2025 and December 31, 2024, these advances were secured by mortgage and commercial loans amounting to $1.2 billion and $1.1 billion, respectively. Further, at September 30, 2025 and December 31, 2024, OFG had an additional borrowing capacity with the FHLB of $301.7 million and $383.1 million, respectively. At September 30, 2025 and December 31, 2024, the weighted average remaining maturity of FHLB advances was 1.4 years and 4 months, respectively. The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $1.5 million and $952 thousand at September 30, 2025 and December 31, 2024, respectively:
| September 30, |  | December 31,
| 2025 |  | 2024
| (In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.56% | $ | 55,000 |  |  | $ | 270,000 |
Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 4.09% (December 31, 2024 - 3.79%) | 400,000 |  |  | 55,000 |
| $ | 455,000 |  |  | $ | 325,000 |
Advances from FHLB mature as follows:
| September 30, |  | December 31,
| 2025 |  | 2024
| (In thousands)
Over 90 days to one year | $ | 55,000 |  | $ | 270,000 |
Over one to three years | 400,000 |  |  | 55,000 |
| $ | 455,000 |  |  | $ | 325,000 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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