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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
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:
| September 30, 2025 |
| Fair Value Measurements |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |
| (In thousands) |
Recurring fair value measurements: |  |  |  |  |  |  |  |
Investment securities available-for-sale | $ | 1,635 |  |  | $ | 2,565,334 |  |  | $ | — |  |  | $ | 2,566,969 |  |
Trading securities | — |  |  | 21 |  |  | — |  |  | 21 |  |
Money market investments | 3,265 |  |  | — |  |  | — |  |  | 3,265 |  |
Servicing assets | — |  |  | — |  |  | 67,437 |  |  | 67,437 |  |
| $ | 4,900 |  |  | $ | 2,565,355 |  |  | $ | 67,437 |  |  | $ | 2,637,692 |  |
Non-recurring fair value measurements: |  |  |  |  |  |  |  |
Collateral dependent loans | $ | — |  |  | $ | — |  |  | $ | 6,327 |  |  | $ | 6,327 |  |
Foreclosed real estate | — |  |  | — |  |  | 3,160 |  |  | 3,160 |  |
Other repossessed assets | — |  |  | — |  |  | 4,865 |  |  | 4,865 |  |
Mortgage loans held for sale | — |  |  | — |  |  | 9,680 |  |  | 9,680 |  |
Other loans held for sale | — |  |  | — |  |  | 6,248 |  |  | 6,248 |  |
| $ | — |  |  | $ | — |  |  | $ | 30,280 |  |  | $ | 30,280 |  |
| 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 |  |
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 the quarters and nine-month periods ended September 30, 2025 and 2024: Level 3 Instruments Only
|  | Servicing Assets
|  | Quarters Ended September 30, |  | Nine-Month Periods Ended September 30, |  |  |
|  | 2025 |  |  |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |
|  | (In thousands) |  |  |  |
Balance at beginning period |  | $ | 68,588 |  |  |  |  | $ | 49,789 |  |  | $ | 70,435 |  |  | $ | 49,520 |  |  |  |  |  |
New instruments acquired |  | 723 |  |  |  |  | 21,923 |  |  | 2,133 |  |  | 22,753 |  |  |  |  |  |
Principal repayments and amortization |  | (1,407) |  |  |  |  | (1,108) |  |  | (4,015) |  |  | (2,759) |  |  |  |  |  |
Losses included in earnings |  | (467) |  |  |  |  | (2,092) |  |  | (1,116) |  |  | (1,002) |  |  |  |  |  |
Balance at end of period |  | $ | 67,437 |  |  |  |  | $ | 68,512 |  |  | $ | 67,437 |  |  | $ | 68,512 |  |  |  |  |  |
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 September 30, 2025 and December 31, 2024:
| September 30, 2025
| Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
| (In thousands) |  |  |  |  |  |  |  |
Servicing assets | $ | 67,437 |  |  | Cash flow valuation |  | Constant prepayment rate |  | 2.52% - 19.69% |  | 5.57 | %
|  |  |  |  | Discount rate |  | 10.00% - 15.50% |  | 11.62 | %
Collateral dependent loans | $ | 6,327 |  |  | Fair value of property or collateral |  | Appraised value less disposition costs |  | 8.20% - 33.20% |  | 26.35 | %
Foreclosed real estate | $ | 3,160 |  |  | Fair value of property or collateral |  | Appraised value less disposition costs |  | 8.20% - 33.20% |  | 11.94 | %
Other repossessed assets | $ | 4,865 |  |  | Fair value of property or collateral |  | Estimated net realizable value less disposition costs |  | 30.00% - 62.00% |  | 50.41 | %
Mortgage loans held for sale | $ | 9,680 |  |  | Market prices |  | Pricing and execution whole loan |  | 93.96% - 101.66% |  | 97.61 | %
Other loans held for sale | $ | 6,248 |  |  | Bids or sales contract prices |  | Estimated market value |  | 100.00% - 105.50% |  | 103.82 | %
| 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 |  |  | Fair value of property |  | Estimated net realizable value |  | 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%
Schedule of Estimated Fair Value and Carrying Value | The estimated fair value and carrying value of OFG’s financial instruments at September 30, 2025 and December 31, 2024 was as follows:
| September 30, 2025 |  | December 31, 2024
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value |  |  |  |  |  |
| (In thousands) |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 740,349 |  |  | $ | 740,349 |  |  | $ | 591,137 |  |  | $ | 591,137 |  |  |  |  |  |  |
Investment securities available-for-sale | $ | 1,635 |  |  | $ | 1,635 |  |  | $ | 1,150 |  |  | $ | 1,150 |  |  |  |  |  |  |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities | $ | 21 |  |  | $ | 21 |  |  | $ | 18 |  |  | $ | 18 |  |  |  |  |  |  |
Investment securities available-for-sale | $ | 2,565,334 |  |  | $ | 2,565,334 |  |  | $ | 2,337,055 |  |  | $ | 2,337,055 |  |  |  |  |  |  |
Investment securities held-to-maturity | $ | 227,864 |  |  | $ | 275,116 |  |  | $ | 232,152 |  |  | $ | 292,158 |  |  |  |  |  |  |
Federal Home Loan Bank (FHLB) stock | $ | 27,421 |  |  | $ | 27,421 |  |  | $ | 24,280 |  |  | $ | 24,280 |  |  |  |  |  |  |
Equity securities | $ | 34,485 |  |  | $ | 34,485 |  |  | $ | 30,616 |  |  | $ | 30,616 |  |  |  |  |  |  |
Level 3 |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held-to-maturity | $ | 35,001 |  |  | $ | 35,000 |  |  | $ | 35,022 |  |  | $ | 35,000 |  |  |  |  |  |  |
Total loans, net (including loans held-for-sale) | $ | 7,876,724 |  |  | $ | 7,935,413 |  |  | $ | 7,567,075 |  |  | $ | 7,633,831 |  |  |  |  |  |  |
Accrued interest receivable | $ | 71,591 |  |  | $ | 71,591 |  |  | $ | 71,667 |  |  | $ | 71,667 |  |  |  |  |  |  |
Servicing assets | $ | 67,437 |  |  | $ | 67,437 |  |  | $ | 70,435 |  |  | $ | 70,435 |  |  |  |  |  |  |
Accounts receivable and other assets | $ | 61,222 |  |  | $ | 61,222 |  |  | $ | 70,191 |  |  | $ | 70,191 |  |  |  |  |  |  |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits | $ | 10,035,679 |  |  | $ | 10,008,633 |  |  | $ | 9,625,803 |  |  | $ | 9,604,786 |  |  |  |  |  |  |
Securities sold under agreements to repurchase | $ | 100,239 |  |  | $ | 100,791 |  |  | $ | 75,226 |  |  | $ | 75,222 |  |  |  |  |  |  |
Advances from FHLB | $ | 457,208 |  |  | $ | 456,530 |  |  | $ | 324,510 |  |  | $ | 325,952 |  |  |  |  |  |  |
Accrued expenses and other liabilities | $ | 183,487 |  |  | $ | 183,487 |  |  | $ | 146,771 |  |  | $ | 146,771 |  |  |  |  |  |  |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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